Marc Champion & Joe Parkinson The Wall Street Journal
ANKARA—Japan's devastating earthquake and tsunami could have an unsolicited benefit for emerging markets, reducing massive short-term investment flows they have struggled to absorb, Turkey's central bank Governor Durmus Yilmaz said.
Stressing that any economic impacts fade in importance next to the enormous and still unfolding human suffering in Japan, Mr. Yilmaz also said Tuesday that in the longer term he believed the need for Japan to rebuild "will regenerate the Japanese economy."
Emerging markets around the globe saw a selloff of assets Monday, as appetites for risk fell in the wake of Japanese Prime Minister Naoto Kan's warning that the danger from radiation leaks at the damaged Fukushima nuclear power plant was growing.
ANKARA—Japan's devastating earthquake and tsunami could have an unsolicited benefit for emerging markets, reducing massive short-term investment flows they have struggled to absorb, Turkey's central bank Governor Durmus Yilmaz said.
Stressing that any economic impacts fade in importance next to the enormous and still unfolding human suffering in Japan, Mr. Yilmaz also said Tuesday that in the longer term he believed the need for Japan to rebuild "will regenerate the Japanese economy."
Emerging markets around the globe saw a selloff of assets Monday, as appetites for risk fell in the wake of Japanese Prime Minister Naoto Kan's warning that the danger from radiation leaks at the damaged Fukushima nuclear power plant was growing.
