The Trend Is Yen-Bull Friendly

On Wednesday night, the Finance Ministry of Japan (MOF) entered the currency markets and intervened unilaterally in an attempt to stop the surging yen. This is now the third such effort over the past 12 months. In a world where the funding currency is essentially free and in abundant supply, thanks to the Fed's current zero-interest rate policy, any foreign exchange (forex) market that sports a current account surplus is in strong demand. In recent months, the yen and Swiss franc have been the most desired low-yielding currencies. For hard money types, gold has served this purpose.

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