A brewing currency war

After appreciating against both the US dollar and the euro quietly and steadily over the last two years, the Japanese yen has now crossed the 80 yen-to-a-dollar mark and is now above 81. The Japanese parliament has been dissolved and the Democratic Party of Japan (DPJ) looks set to lose its control of Diet (the lower house of Parliament) that it wrested from the Liberal Democratic Party (LDP). The LDP had ruled Japan for decades.

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