BY ALEX FRANGOS
Japan broke international convention and intervened in its currency for the first time in six years.
The question is: Will the move work in a world where currency trading is now a daily $4 trillion affair?
Unilateral currency intervention, once a common tool among industrialized economies, fell out of favor in recent years, amid a perception that it was unfair to trading partners and ineffective over the long term.
"That philosophy of intervention changed because of free-market principles, but also because the foreign-exchange markets are so much bigger....You need a lot more firepower to move a major currency these days," ...