The Japanese and US governments just spent an estimated $80 billion propping up the yen — and within a fortnight, the market had pocketed half of it. We ask whether politicians can ever actually beat currency traders.

And in the Dumb Question of the Week: Why can't the government just pick whatever exchange rate it likes?

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Defending the Yen: Can Governments Beat Currency Markets?

Many Happy Returns

Defending the Yen: Can Governments Beat Currency Markets?