THE DIFFICULTY OF THE JAPANESE CENTRAL BANK IN STRENGTHENING THE YEN
The yen is at its lowest level since 1986 against the US dollar, losing 53% of its value since the peak in 2011. The markets know, OL Japan has a binding obstacle: the fiscal one. They must therefore intervene to keep the yield low, which means they CANNOT intervene to strengthen the yen.And so the yen continues to fall...$JPYUSDSource: Charlie Bilello, Robin Brooks Thanks to C.H Mochau for the material
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