Newly alluring yields on Japanese bonds have not propped up the currency
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But neither Japan nor America should meddle with exchange rates
In a time of higher inflation, a falling yen and rising bond yields make a noxious blend
As investors worry about budgetary laxity, the central bank prepares for more rate hikes
It isn’t just Japan: other currencies also look cheap
Smaller lenders are saddled with low-return bonds they cannot sell
Not nearly as much as it could be
