Arkhom Termpittayapaisith, Thailand’s finance minister, speaks at the meeting of finance ministers of the Asia-Pacific Economic Cooperation in Bangkok on Oct. 20, 2022.
Andre Malerba | Bloomberg | Getty Images
Asian economies are well-equipped to withstand economic headwinds next year, the U.S. Treasury said following the conclusion of the APEC Finance Ministers’ Meeting in Thailand last week.
During the two-day meeting, finance ministers in Asia-Pacific also pledged not to adjust exchange rates for competitive purposes, recognizing that “excessive volatility or disorderly movements in exchange rates can have adverse implications for economic and financial stability.”
Many Asian currencies have crumbled against the U.S. dollar as the Federal Reserve persists with interest rate hikes in an effort to combat inflation. Last week, the Japanese yen weakened past 150 against the U.S. dollar crossing a psychological level for the first time…
