This morning when I woke up I checked the financial markets, gold, silver and, of course, the dollar yen rate.
I was somewhat surprised to see the yen at ¥76.9-something to the US dollar. A hour or two later, the yen had dropped to its current ¥78.9 per US dollar. Obviously the Japanese Central Bank intervened and bought a bunch of dollars.
Fools. When will they ever learn? They keep throwing our hard earned tax money down the drain to stop the yen's rise, but it is all in vain as the yen's appreciation continues.
Market Watch reports:
Japanese Finance Minister Yoshihiko Noda confirmed the government acted alone to curtail the yen’s rise, unlike in March, when local authorities acted in concert with their counterparts from the Group of Seven leading economies to keep the yen
from appreciating further.
Why do these fools keep doing this? When will they ever learn that these interventions cannot and will not stop any long term trend? The next part of the article is laughable: