But even a modest official devaluation might have encouraged ordinary Russians to panic too, producing a full-blown run on the currency.

ECONOMIST: Russia��s economy: Naked truths | The

The dollar jumped to a high of Y94.42 after Lael Brainard, the top US Treasury official for international affairs, restated US support for monetary stimulus in Japan but warned against competitive devaluation.

CNN: US Treasury triggers fall in yen

Francisco Lopes, briefly appointed governor of the central bank at the time of Brazil 's devaluation in January, refused to testify under oath to a Senate inquiry into leaks of official information.

ECONOMIST: Kosovo