Troubling Interventions
The most noteworthy commemoration of the second anniversary of Lehman Brothers’ collapse was Japan’s unilateral intervention to weaken the yen. That move marks a shift in the character of the global financial crisis, away from concern with banking problems and toward a focus on the world’s supposedly dysfunctional exchange-rate system.
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PRINCETON – The most noteworthy commemoration of the second anniversary of Lehman Brothers’ collapse on September 15, 2008, was Japan’s unilateral currency intervention to depreciate the yen. That move marks a shift in the character of the global financial crisis, away from concern with banking problems and toward a focus on the world’s dysfunctional exchange-rate system – or, rather, its current lack of one.