Currency War of 2009–2011

South Korea and Japan shared "serious concerns" on the recent weakness of their currencies against the dollar and agreed to take "appropriate actions" to counter extreme volatility, the finance ministry in Seoul said Wednesday.

The United States of America itself is to blame for the fact that many countries began to give up trade in US dollars, Alexei Mozhin, Russia's representative at the International Monetary Fund, told "RIA Novosti".

Emerging market assets resumed their slide on Aug. 26, shrugging off China?s interest rate cut and focusing on growing signs of economic weakness in the world?s second-largest economy and across the developing world.

The IMF issued a report Monday which featured concerns that were far in excess of those entertained by ministers like Ali Babacan, even though the minister – who is most trusted by financial markets – said Turkey was ready for the normalization of monetary policies in developed countries.

Turkey grew 4.3 percent in the first quarter on the heels of strong export performance, which makes harder to guess country’s economic performance for the rest of year Before 1980, the Turkish economy concentrated on the domestic market.