The Japanese yen has become the lightning rod of extreme stress in the global financial system, rocketing this week in violent moves that threaten to plunge Japan back into deep deflation and overwhelm the experiment of "Abenomics". The currency has appreciated by 9pc against the US dollar since the Bank of Japan (BoJ) cut interest rates below zero for the first time ever at the end of January, entirely defeating the purpose. The yen broke through ¥111 in early trading on Thursday as safe-haven flows poured into the country and vast positions were unwound on the global derivative markets. This wiped out all the ... (full story)