The Nikkei today have a piece up on yen intervention

Its best viewed as a recap, as its pretty much what we've all been saying for a long time now. It does mention a number, though, $/yen below 100.

  • Masatsugu Asakawa, vice minister of finance for international affairs, told reporters Thursday that he was "concerned about the quick and one-sided" strengthening of the yen
  • The government and the BOJ are prepared to intervene in the currency market if the yen continues to surge
  • The protocol is to win U.S authorities' tacit approval in advance to avoid a public rebuke after the intervention. But this time the hurdle is high
  • Some Japanese officials say that a currency intervention would be justified if the yen strengthens past the 100 mark to the dollar, heightening deflationary pressures and dealing a blow to the Japanese economy

100, eh? Roundnumberitis strikes again!

Article is here

Interventions, they only end in tears