The Phaserl


Welcome to the Currency War, Part 9: What’s Wrong With These Pictures?

by John Rubino,

Japan’s currency devaluation has worked beautifully. The yen is plunging, Japanese stocks are soaring, and the current account surplus — the main measure of a country’s ability to trade effectively — is way up:

Japan Current-Account Surplus Climbs as Abenomics Sinks Yen

Japan’s current-account surplus rose in March to the highest level in a year as a depreciating yen boosted repatriated earnings and brightened the outlook for the nation’s exports. The excess in the widest measure of trade was 1.25 trillion yen ($12.4 billion), the Ministry of Finance said in Tokyo today. That exceeded the 1.22 trillion yen median estimate of 23 economists surveyed by Bloomberg News.

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