Gold, Eva, and Elaine Simon.

Its purpose is not to encourage the depreciation of the yen, despite complaints about the yen s depreciation.

First, it contributes to yen depreciation and dollar appreciation as carry traders switch out of yen.

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In the process, officials are weakening the yen.

So the Japanese started to intervene to weaken the yen.

The owners of wealth may increasingly turn to the yen and gold for safety but the may run into resistance from the authorities sooner in the case of the yen than gold.

The yen s weakening will mean higher import costs, and therefore a higher rate of inflation.

For the eurozone, it implies a strong exchange rate vis à vis the dollar (and, by implication, the yen, as the Bank of Japan closely monitors the yen dollar exchange rate).

Second, carry traders borrow short term money in Japan but may invest in longer term assets outside Japan.

Not against the yen, which is the currency of an economy that refuses to grow.

Now, exports to the US are falling while the yen has strengthened.

As long as the yen remains weak, this investment strategy will be a money machine.

Japan responded by intervening in the opposite direction dropping interest rates, selling yen, and buying dollars.

But if the yen appreciates sharply, as it easily could given Japan s huge current account surplus, some hedge funds will suffer huge capital losses and the yen carry trade will implode.

But as the yen strengthens, Japan, too, seems to stop growing.

During the same period, the dollar fell by 15 relative to the euro and 12 against the yen.

The yen s value against the US dollar has declined by more than 7 in the last month.

With the euro rising relative to the dollar, the yen s fall relative to the euro has been even greater.

The yen s value against the US dollar has declined by more than 7 in the last month. With the euro rising relative to the dollar, the yen s fall relative to the euro has been even greater.

So the 99 attributes of Allah have the yin and the yang there's the powerful, the hegemonous, the strong, and there's also the kind, the generous.

Unfortunately, those who choose ignorance are immune to or simply prefer to ignore reason.

Some of the more important examples of how currencies have become hedges involve the yen.

What matters to Japanese investors is the overall return in yen terms, not simply the difference in interest rates.

First, it contributes to yen depreciation and dollar appreciation as carry traders switch out of yen. Second, it increases global asset demand, generating asset price inflation.

For two decades, expectations that an appreciating yen would restore external balance were repeatedly disappointed. At the time of the December 1971 Smithsonian Agreement, 308 yen to the dollar was supposed to do the trick.

Unlike the dollar and the pound, the yen and the Deutschemark did not depend on attracting foreign inflows.

Whenever the dollar was weak, capital surged into alternative currencies, notably the Japanese yen and the German Mark.

If investors don t want to hold euros, pounds, or yen, where else can they go?

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The yen s weakening will mean higher import costs, and therefore a higher rate of inflation. An aggressive BOJ policy of money creation could cause further weakening of the yen s exchange rate and a rise in domestic prices that is more rapid than what Abe wants.

Now think about this. It means, within our own biology, we have the yin and yang of morality.

So the former promises to deliver euros next June 1, while the latter promises to deliver yen.

But the reality is that neither the euro nor the yen is capable of soaking up China s growing foreign exchange reserves.

The yen s rising value raises the yield on Japanese bonds relative to the yield on bonds denominated in other currencies.

Kuroda s stance has already weakened the yen s exchange rate, making Japanese goods more competitive.

And, while today s main risk is the yen, in a couple months it could be something completely different.

The yen s depreciation versus the dollar has contributed to continuing large US trade deficits with Japan.

Part of the problem has been the sinking dollar, which makes dollar investments look bad when translated into yen or euro.

More specifically, exchange rates such as the Australian dollar yen became strongly correlated with global equity markets.

But if Japan starts to intervene directly in global currency markets to ensure a weaker yen, neighboring competitors will respond in kind.

Thus, China bashing primarily means pressure to revalue the yuan. However, this demand is as unwarranted now as was pressure on Japan to make the yen appreciate.

At the same time, the Japanese yen has depreciated sharply, including by more than 20 against the struggling euro.

Even without the prospect of faster inflation and a declining yen, fundamental conditions in Japan point to higher interest rates.