Japan Is Getting Creative With Its Response to the Weak Yen

When stuck with a knotty problem, sometimes you need to step away and brainstorm some new ideas.

Having struggled with an overly weak currency for more than three years, Tokyo might finally be doing that through a coordinated response with Washington. Multiple reports suggest that the New York Federal Reserve, acting as an agent for the Treasury, carried out rate checks last week to halt the yen’s slide. Both sides are being coy and saying nothing officially — and even if true, we are still a long way from a Plaza Accord 2.0.