The world turned a blind eye last year as Switzerland carried out massive purchases of European bonds to cap the franc at €1.20, but Japan is 14 times as large. Comparable action by Tokyo would upset the global trading system.
The world turned a blind eye last year as Switzerland carried out massive purchases of European bonds to cap the franc at €1.20, but Japan is 14 times as large. Comparable action by Tokyo would upset the global trading system.