No sooner did the prime minister of Japan speak than one of his own faithful ministers insisted he misspoke. "I believe it is necessary for Japan to diversify its foreign exchange reserves," said Junichiro Koizumi on Mar. 10. Minutes later a senior Japanese financial official rushed to insist that he hadn't meant it. "Given current market conditions, it would be unwise for us to be selling dollars," corrected the functionary. Unwise for them, maybe. But for the readers of FORBES? A monetary update is in order. I am bearish—still—on the U.S. dollar. Yet I am also bearish on the most popular alternative to the dollar. But I am bullish on an alternative to the alternative.
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