As the Yen continues its 3-year slide against the USD, many American trade groups are beginning to cry foul, claiming Japan has taken steps to artificially depress its currency. At $842 Billion, the Bank of Japan’s foreign exchange reserves are currently the largest in the world. Some American firms believe this is a consequence of calculated intervention in forex markets- buying massive amounts of USD denominated assets in order to hold down the Yen and make Japanese exports seem more attractive. For the record, Japan insists that the Yen’s current value is the product of market forces. Not persuaded, American trade groups have begun lobbying the US Treasury Department to shift its attention away from China, and begin pressuring Japan to allow the Yen to appreciate. Reuters News reports:

“There is no excuse for the G7 to get together and sit around talking about China when the currency imbalances and Japan's policy of strongly encouraging that isn't even discussed.”

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