Summers: “The yen can move in either direction” - exchange intervention is ineffective

“The current dollar is extremely strong”, the bias of disinflation in the US economy
Rice interest rate cut, even if there is none this year, only a small amount - Mr. Summers

It is thought that the Japanese government and the Bank of Japan have recently implemented large-scale exchange intervention, but former US Treasury Secretary Summers stated that intervention as a means of moving exchange rates is ineffective.
　　“Considering the size of the capital market, it can be clearly said that intervention will have no effect even on the scale that Japan is said to have implemented it,” Summers said on Bloomberg Television. “This is because capital flows in the private sector are overwhelming due to their size,” he continued.