“The yen did move quite a bit in a relatively short period of time. We would expect these interventions to be rare and consultation to take place." - Janet Yellen "Looks like the US is not happy [with the BOJ]- ZeroHedge
US Treasury Secretary a Polymath of Incompetency
Authored by GoldFix ZH Edit
Yen Debacle Timeline
Japan intervened to defend the Yen last week from debasing too fast. Here is Yellen referring to that event in its aftermath
“The yen did move quite a bit in a relatively short period of time. We would expect these interventions to be rare and consultation to take place."
The BOJ intervened harshly and sloppily after first enabling a pronounced unattended weakening for weeks that accelerated over a period of two days prior to their over-the-top intervention.
In short, Yellen is not happy with how Japan is handling its currency, and likely wishes Japan had acted sooner to avoid the shorts getting too comfortable with their positioning. Paradoxically, it was likely Yellen who likely gave the BOJ the go-ahead to do what they did by tipping that the US Jobs number would be weak. She just did not expect them to come in ham-fisted about it. Ultimately, that does not reflect on her well. She is seemingly incompetent in multiple areas of her job.
Why it ultimately matters: Because The US is headed down this same path. That path is YCC, Financial Repression, and a declining dollar. Japan bringing undue attention to that process does not help those in power effect their plan.
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