Fighting a losing battle on yen strength
Last month marked the one-year anniversary of the Japanese government's first foray back into the foreign exchange market in its attempt to stem the appreciation of the yen against the US dollar. It was the first episode of intervention since 2004, and since that day on September 15, 2010 there have been two further episodes of intervention: the first on March 18 and the second on August 4.
The intervention in March stands out from the other two episodes in that it followed the tragic earthquake
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