(CNN) – The global sell-off that began Friday continued as Asian markets opened Monday, despite weekend assurances that a Greek debt deal was imminent.
The euro was trading at its lowest level against the yen since 2001, as Bloomberg reported Germany was preparing for a possible default by Greece.
"We are watching Greece, and only Greece," said Satoshi Tate, a senior dealer at Mizuho Corporate Bank told the Wall Street Journal. "Conditions are getting very serious and everyone is worried how the issue will unfold."
Hong Kong (CNN) – Moving to Hong Kong? If you have school age children, prepare for a prolonged campaign to crack the outer perimeter of the international school system. In the words of one frustrated mother, it’s “harder than getting into Fort Knox.”
I met Heike in the office of a popular primary school. Her 10-year-old daughter Jessica had just disappeared into a room with four other hopefuls for an interview and assessment. My four-year-old was one of them.
Sitting on the couch, we exchanged anxious glances. The school year had started the week before. Any time lost now could translate into marks.
“I didn’t expect the school situation to be so dire, so bad,” Heike confided. She applied to several schools for her two children in February ahead of the family’s planned move to Hong Kong from Dubai. Now here we were in late August, thousands of dollars of application fees later and still no school place.
Tokyo (CNN)— The man once tasked with keeping the yen stable says, despite the currency's rapid climb, this is not a time for intervention.
Eisuke Sakakibara, Japan's top currency official in the late 1990s, tells CNN's Andrew Stevens that effective, persistent intervention is not possible without the consent of the other currency party, something Japan does not have from the United States at the moment.
"Implicitly, the U.S. is following a weak dollar policy. If they are following a strong dollar policy like Robert Rubin in the 1990s, that is a different story," says Sakakibara, widely-known as Mr. Yen.
He predicts the strong yen is here to stay for some time – and it could even break the mark of 70 yen to the U.S. dollar.
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