From The Source:
When you’ve spent trillions trying to weaken your currency but it’s still trading near its all-time highs, it might just be time to admit defeat and simply learn to live with it.
Bloomberg NewsThe super-strong yen has consistently scaled new heights despite officials’ best efforts. On August 19, the dollar sank to a fresh all-time low against the yen of ¥75.94, just two weeks after the Japanese authorities announced another ¥10 trillion (about $125 billion) in easing measures and even stepped into the market to sell a record ¥4.6 trillion.
Wednesday, the Japanese authorities launched yet another attack on the super-strong yen. Yet these measures included a ¥100 billion fund to help Japanese companies operating abroad to make investments in a strong-yen environment. This looks more like a quiet acceptance that yen strength is here to stay than an effort to weaken the currency.
It seems the Japanese have not just been monitoring the currency markets closely, they’ve been keeping an eye on the Swiss National Bank too, which has also had to fight an appreciating currency. But rather than explicitly looking to weaken the franc, the SNB has instead chosen to stem further franc gains by injecting liquidity into the market and encouraged near-zero interest rates. The government also set up a fund to help firms hit by the strong franc.
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