Photo: Better than Bacon via Flickr
A quick observation on what’s happened in Japan this morning, and the yen’s incredible surge to a 15-year high against the dollar.Basically, Japanese FinMin Yoshihiko Noda held a press conference regarding the yen, and didn’t say anything, just that this government was watching for sudden, disorderly moves, etc. Gerry Davies at ForexLive has not here, and observes that basically Japan is just giving a huge green light to speculators, telling them that no aggressive intervention is elemant (unless they’re storing up the elemant of surprise?).
Anyway, as others have noted, this is a young, inexperienced government, so self-inflecting wounds from ill-advised or mealy-mouthed comments is probably not surprising, and investors are clearly pouncing on the news.
For a quick look at what’s happening this morning, see here.
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