from Wolf Street:
Currencies had a wild year in 2014. The dollar, for a change, didn’t get mangled, but gained against most major currencies. Hallelujah. But other currencies got mangled.
There were allegations that some countries were escalating the currency war over the past two years, particularly Japan. Abenomics, its economic religion, calls for devaluing the yen. So the Bank of Japan has been printing money at a terrific pace, compared to the size of the economy, with the purpose of monetizing the deficit, forcing down yields, and devaluing the yen.
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