Commentary 
Last Friday, Japanese broadcaster TBS reported Japan’s Finance Minister Shunichi Suzuki had discussed intervention in foreign currency markets on behalf of a beleaguered yen with U.S. Treasury Secretary Janet Yellen. In recent weeks, the Asian currency has plummeted against the U.S. dollar, falling to lows not seen in two decades.
According to mainstream media explanations, derived from the conventional textbook approach to Economics, the problem is the Federal Reserve raising rates aggressively in the United States while the Bank of Japan is taking a far more judicious approach. The growing difference in potential bond market returns, therefore, in favor of dollar-denominated assets purportedly explains the sudden global investor distaste for yen and appetite for dollars.
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