Mr. Summers: "The yen can move in either direction" - Foreign exchange interventions are ineffective

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It is believed that the Japanese government and the Bank of Japan recently conducted large-scale currency intervention, but former US Treasury Secretary Summers stated that intervention as a means to move exchange rates is ineffective.
Considering the size of the capital markets, it is clear that intervention, even at the scale Japan is said to have implemented, would have no effect, Summers said on Bloomberg Television. He continued, "This is because private sector capital flows are overwhelming in size."