Does trade finance drive trade?
If Quantitative Easing (QE) in Japan and Europe was meant to do anything, it was meant to weaken the yen and the euro in order to stimulate export-led recovery. It is too early to tell if this has happened in Europe, but it certainly has not happened in Japan and the signs in Europe are not encouraging.
![](https://cdn.txfmedia.com/assets/Images/Thumbnails/400/42469ee8-9911-4482-ae55-a44fc33cafb5.jpg)