The yen touched new highs yesterday, defying Tokyo’s effort to weaken the Japanese currency in the latest sign policymakers in leading economies are running out of tools to kick-start growth and battle the threat of deflation.
Japanese officials issued warnings about “one-sided” moves, a signal of possible intervention that would usually put traders on high alert. Instead, the yen soared to its highest levels since the Bank of Japan fired its second stimulus bazooka in October 2014.
The yen’s momentum comes despite the Herculean efforts by central banks to spur growth in Asia and Europe. Like the BoJ, the European Central Bank has intervened in capital markets at unprecedented levels to little effect on the EU’s common currency or inflation.
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