Yen at 40-year low prompts rare Japan-US joint currency intervention

Japan and the United States conducted a rare joint intervention in currency markets to halt the yen's decline, a situation not seen for 40 years. Mirosław Budzicki of PKO BP argues that the need for such action signals the failure of Japan's long-standing policy of stimulating the economy through a cheap currency and higher inflation. The weakening yen has become a serious economic problem for Japan.

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