It has been a rough couple of years for the Japanese yen. One of the top safe-haven assets in the world has been in a funk, from 2024’s yen carry trade unwind to the recent four-decade low against the US dollar. To prop up the currency, Tokyo has committed to intervening in global foreign exchange markets. Now Japan has received some help from the United States. Intervention might be a stopgap to stop the bleeding, but not a permanent solution for Japan.
12 Angry Yen
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