I am not sure this is a true statement. I think the Japanese and Swiss can get away with it given the state of other currencies. The Germans have huge control over the Euro and keep there compatriots above water. I am not saying I advocate this situation BUT I feel the three examples are of countries which are very stable and cohesive internally. The fact they sustain these rates indicates a very strong belief the future is grim economically. The thinking”I’d prefer to pay the Swiss to hold onto this, while I figure out what is next”

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