Japan’s strength produces a weak yen

It does not BJrequire a financial detective to work out what is going on. Three sudden surgesin the value of the yen, on July 11th, 12th and 17th, have raised suspicions that the Bank of Japan (o) is again intervening in currency markets (see chart). The bursts have left the currency, at ¥156 to the dollar, up by 4% against the greenback and marginally above the 37-year lows it reached earlier this month.