The China-Japan agreement to stop using the dollar, or any other currency, in their bilateral transactions was a very strong blow to the US financial standing in world affairs. To a lesser degree this Chino-Nippon agreement is also detrimental to the Eurozone.
It seems that the two most important export oriented economies of east Asia are now seeing themselves as an independent economic entity, but they forget that their growth and well being hinges on their exports to the US and the Euro...
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