The intervention in the Japanese yen has begun and will need to continue for a prolonged period to subsidize Japanese exporters.
It is no accident that the Japanese stock marketrose last night after the actions by the Bank of Japan.
It'll be fascinating to watch the verbal gymnastics today in Congress should the intervention be brought up for discussion. How can the Japanese get a pass to intervene when the Chinese are being criticized for essentially the same activity?
A Japanese government official has said it's too early to say if the foreign exchange intervention has been successful.