"You are trying to defend an exchange rate that probably can’t be defended, and it is just a matter of time before it breaks...”

Global economic policy now seems at the mercy of an exceptionally casual approach to information, scribbled on a notepad, awaiting an update on Scott Bessent's to-do list.

The impact of last week’s historic intervention to prop up the yen is already fading. That signals risks for Japan, the US and the rest of the world.