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Hello and welcome. You are listening to Patrick Boyle on Finance, a podcast exploring ideas from

quantitative finance, examining events occurring in markets right now and financial history

to see what lessons can be taken away, including interviews

with some of the most interesting people in the world of finance. To learn more about the podcast,

visit onfinance.org.

Over a four-day period, Japan is suspected to have carried out two interventions to support the yen,

at an estimated cost of $59 billion.

The first intervention came after the yen fell below $160 to the dollar for the first time in 34 years.

The second intervention came a few days later, after Jerome

Powell announced that a rate hike was unlikely to be the Fed's next interest rate move. The

simplest explanation for the declining yen is that it's entirely driven by Japanese interest rates

being low relative to other developed markets.

People take their money out of the yen, which is yielding zero,

and put it in dollar-denominated bonds to earn 5%, leading to a decline in the yen.

But my friend Manoge Pradhan at Talking Heads Macro argues that this is a lazy

oversimplification and that the yen and Japanese markets are possibly the most interesting story

in macroeconomics today. So to bring you up to date on the situation, towards the end of April, the Japanese yen fell to

160 against a dollar, a level where the Ministry of Finance felt it made sense to step in,

...