The travails of Japan’s yen, plummeting in value even in terms of other fiat currencies, suggest a cautionary tale for America’s economy and the fate of the greenback. What afflicts Japan — soaring debt, fiscal recklessness, and lingering damage from central bank experiments like Quantitative Easing — likewise troubles America. Yet let not the Trump administration’s intervention to shore up Japan’s currency be brushed aside as a technicality.
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