What Happened in Sendai?

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From Reuters:

U.S. Treasury Secretary Jack Lew told his Japanese counterpart Taro Aso in a meeting on Saturday that it is important to refrain from competitive currency devaluation, according to a statement from the Treasury Department.

Lew, who met Aso earlier on Saturday at a Group of Seven summit in Sendai, northeastern Japan, also underscored the Group of 20 commitment to use all policy tools to promote growth, the statement said.

The problem, of course, is that currency devaluation manipulation is the only tool Aso has left.  And, it is pretty obvious it has no impact, whatsoever, on growth.  It is merely a tool with which to prop up stocks — nothing more.

The USDJPY has broken trend this morning, though not irretrievably.  It’s enough, though, to take the bloom off Friday’s rose.

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