Japan Raised Rates. The Yen Still Doesn’t Believe It
Japan raised interest rates. The yen fell. That tells us almost everything we need to know about the Bank of Japan’s problem. The BOJ increased...
Tag: YEN
The Yen Is Turning Into a Dollar Problem
For months, the yen needed help. Now it may be moving on its own. The Japanese currency has strengthened through ¥155 per dollar, triggering stop-loss...
The Yen Could Trigger the Next Dollar Sell-Off
The yen’s latest rally looks modest compared with July’s intervention. Its implications may be much larger. The currency jumped as much as 1.2% against the...
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...
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...
Japan May Be About to Bring Its Money Home
For decades, Japan has quietly financed a significant portion of the global financial system. Its pension funds, insurers and institutional investors have channelled trillions of...