After a whirlwind, (presumed) double-intervention week last week, the volatility in the Japanese yen was always going to decline this week as traders – and politicians! – digested the Bank of Japan’s dramatic moves. The biggest headline came from US Treasury Secretary (and former Federal Reserve Chairmwoman) Janet Yellen, who cryptically opined that the US expects “interventions to be rare and consultation to take place.” In response, Japan’s top currency official, Masato Kanda, noted that “If the market is functioning properly, of course there’s no need for the government to intervene,” but if moves are disorderly, ... (full story)