Yen Intervention Fans Flames Of Anti-Japanese Rage Across China

chinese soldiers kick

Anti-Japanese rage reached the highest level in years last night in China, says The Standard.

In Guangzhou, protestors hurled beer bottles at the Japanese consulate. In Tianjin, they damaged Japanese buildings and fired ball bearings at a foreign school. In Hong Kong, activists stormed the Japanese consulate.

Even Beijing has endorsed massive protests this weekend.

Anti-Japanese sentiment has to do with a captured fishing boat and territorial protests — but it also coincides with a yen intervention that will challenge China’s export advantage.

American politicians are already siding with Japan. Rep. Sander Levin today said Chinese currency policies caused the Yen intervention, which in turn hurts American exports.

What we really don’t want to see, however is an escalating currency war, which could force a dollar intervention and all sorts of chaos.

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