The BOJ’s Yen Dilemma
The United States and Japan have shown an unusual degree of coordination in defending the yen. Yet beneath that apparent unity lies a fundamental disagreement...
Category: FX
Japan Is Winning the Battle, Not the Currency War
Japan has spent extraordinary amounts of money defending the yen. The result, so far, is less impressive. After the first coordinated US-Japan intervention since 1998,...
Japan’s ¥8.5 Trillion Warning: Currency Intervention Has Become Geopolitical
For decades, foreign exchange intervention was regarded as an emergency tool, deployed occasionally to smooth excessive volatility before markets inevitably reasserted the underlying economic fundamentals....
The Yen Intervention Marks the Return of Currency Diplomacy
Foreign-exchange intervention is often dismissed as a temporary exercise in market management. Governments spend billions buying or selling currencies, speculators step aside for a few...
The Dollar, the Bond Vigilantes and Japan’s Impossible Choice
The most important signal in global markets is not coming from the Federal Reserve. It is coming from the long end of the US Treasury...
The Dollar Trap
For most of this year, the consensus trade was simple: sell the US dollar. Investors pointed to America’s twin deficits, mounting public debt, and the...
The Rupee Crisis Forces India Into Financial Survival Mode
After weeks spent defending the rupee through interventions, import restrictions and emergency measures, New Delhi has finally acknowledged an uncomfortable reality: domestic tools alone are...
Indonesia Becomes a New Casualty of the Iran Crisis
Indonesia may now be another major warning sign of what happens when energy shocks, currency weakness, political uncertainty, and external financing pressures collide. The current...
When Japan Stops Financing America
For years, global investors repeated the same mantra almost mechanically: whenever uncertainty rises, buy dollars. Wars, crises, recessions, banking stress, geopolitical fragmentation, everything ultimately reinforced...