Speculative Yen shorts had gotten increasingly stretched in recent weeks, so it's no surprise that intervention has pushed $/JPY below 160. But will it keep $/JPY below 160? No, it won't, just like all previous attempts to do so didn't...
https://t.co/mHA92gHQFm
The Yen isn't falling because evil speculators are ganging up on Japan. It's falling because gov't bond yields are way below where they should be. This creates a steady outflow that one-off interventions can't fix. This is why intervention can't work...
https://t.co/mHA92gHQFm