Larry Lepard, Larry Chiang and Roberto Rios on Yentervention

•  Lawrence Lepard retweets criticism of the Bank of Japan’s massive ~$90 billion yen-buying intervention (with rare US coordination), noting it temporarily lifted the currency from 164 to 155 USD/JPY but half the gains erased within 10 days as it weakened back toward 159.

•  The July 30-31 operation marked Japan’s largest single-day intervention on record at around $53B followed by $34B, yet persistent factors like wide US-Japan interest rate gaps and carry trades quickly undermined its impact.

•  As an Austrian economist and sound money advocate, Lepard highlights the futility of central bank efforts to defy market fundamentals through currency intervention.​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​