Intervention’s not what it used to be. Back in December 2008, Shoichi Nakagawa, then Japanese finance minister, succeeded in talking down the yen briefly by evoking the threat of heavy duty selling by the central bank. This kind of verbal intervention was only just credible, a year after the Group of Seven industrialised nations first registered its disapproval of exchange rate manipulation in its communiqué. But then, it was a tough time for everybody.
干預已失去了往日的效力。2008年12月，時任日本財政大臣的中川昭一(Shoichi Nakagawa)威脅稱，央行將大舉拋售日元債務，以此成功地令日元匯率短暫下挫。當時，這種口頭干預還勉強可以讓人信服。在那一年之前，七國集團(G7)第一次在聯合公報中載入了反對操縱匯率的內容。不過那時候，大家的日子都不好過。
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