I posted the headlines from Hamada crossing the wires a few minutes ago
His article is in the Japan Times titled "Myth of currency manipulation"
More detail:
- Japan's monetary policymakers do not seek to predict, much less control, exchange rate movements
- The BOJ's goal - like that of any effective central bank - is to ensure the right combination of employment and inflation
- Of course, a country's monetary policy does affect exchange rates in the short term. But it does so only in relation to monetary policy in other relevant countries.
- In the case of Japan today, the exchange rate is being determined less by its own monetary expansion than by America's move toward monetary tightening, following a period during which massive quantitative easing (QE) by the U.S. Federal Reserve put upward pressure on the yen.
More at that link, it makes for a good morning read while we await more headlines from Greece markets to get more active as Asia comes in
