All talk no action

The yen is weakening. The major cause is an acceleration of speculative yen selling triggered by the outlook that the Japanese authorities are seemingly in favour of a weak yen policy. The yen has weakened during the end-of-the-year period for three consecutive years, and this trend seems like an annual routine. However, the situation is not the same as previously.

The yen depreciated from 125 to 135 last year. Behind that there was a rapid decline in the Japanese trade surplus, a widening

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