Economy
The Yen Jumps to 157 and Slides Back to 160, and Japan Decides It Changed Nothing
The dollar-yen rate moved from the 163-164 range to 157 and then back to 160 in a matter of hours. Japanese authorities have not confirmed that they intervened. The threads barely argued about whether an intervention happened: the consensus was that nothing works while the US-Japan interest-rate gap stays where it is, and the more interesting question became whether the real motive was the exchange rate at all.