The question is not If but When will the bank of Japan intervene to lower the yen.
Today, a Nissan Motor Co. senior executive urged Japan to take "decisive" action to prevent the strong yen from hollowing out the country's industrial base. He also mentioned that they should learn from Switzerland's intervention in the foreign-exchange markets to weaken its currency.
Can you imagine if all central banks had the funds to intervene to lower their currencies? "I have more money to weaken my own currency than you!".
Here are current FXY straddles, from the wonderful StraddlesCalc tool.
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