Currency intervention is a mistake.
The sharp drop in the Nikkei yesterday was caused by defying the laws of nature and rapidly strengthening the yen. Repeatedly intervening in the exchange rate, which should not have been done during this period, and rushing to raise interest rates by 0.25%, led to a rapid appreciation of the yen. At that moment, foreign investors, seizing the opportunity of the yen's appreciation due to concerns about the recession in the United States, withdrew from the market in large numbers, resulting in a tragedy.
It is really unfortunate to imagine what path the Japanese stock market, which has been led by overseas investors, will take in the future.
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