Now Its Up to the Bank of Japan to Hold the Yen Down

The Angry Bear submits:

By Rebecca Wilder

Wow, FX space was totally rattled this past week: The yen hit 76.25 against the dollar at the end of the day on March 16 and has since rebounded to current levels 80.90 (as of 1:50pm in NY on 3/18). What happened over this time span? Mass speculation on yen appreciation due to earthquake-related repatriation, followed by technical levels being hit that drove the yen up against the dollar, and a collapse of the dollar against the yen (spike downward in the chart below). And then Thursday the G7 central banks (the Bank of Japan, Bank of England, European Central Bank, the Federal Reserve, and the Bank of Canada) agreed to coordinate a

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