A few days ago, the Japanese government unilaterally intervened in the global markets to deliberately weaken the Yen to help sustain the country's exports.
This move resulted in a lot of criticism both in Europe and the U.S. as Japan is now seen by some as currency manipulator just like China. The problem is that the government's intervention was totally ineffective.
Yesterday, I noticed that the resilient Yen simply climbed back up to where it was. Given this little exercise, the Yen is likely to continue to run at very high levels--blocking economic growth which the country could surely use. To put it another way, the Yen may now be beyond the government's ability to manipulate-- for the time being.

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