Yen's On a Tear and the Bank of Japan Has Its Hands Full
The yen rocketed to a postwar high against the dollar late Wednesday, and the market's showing little sign of calming today. It's time for your FX Fix.
Was it the algo traders? Thanos Papasavvas, head of currency management at Investec Asset Management, has some ideas about what sent the yen on its wild ride. [CNBC]
The Bank of Japan has offered to inject even more trillions of yen into the money markets. But the 28 trillion they've poured in already hasn't exactly stopped the yen's rise. [WSJ]
Will the yen's extreme strength last? Mansoor Mohi-Uddin, managing director of foreign exchange strategy at UBS, is skeptical. [FT]
In other news, economists are questioning the wisdom of an April interest-rate hike by the European Central Bank given the uncertain impact of Japan's crisis. [NYT]
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