June 23, 1998

Treasury Secretary Robert Rubin has had a change of heart. In recent days, he's supported the intervention by the U.S. in the currency markets to arrest the fall of the Japanese yen and, in a roundabout way, the Russian ruble. This is the same Treasury Secretary who backed the East Asian currency devaluations less than a year ago. Last year a devaluationist, this year an advocate of exchange-rate coordination. Thats a major shift. The incredible impact the Asian devaluations had on the region's economies (and for that matter those in nearly all the emerging markets) is likely what shook the Clinton administration into its present view.

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