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.
干预已失去了往日的效力。2008年12月，时任日本财政大臣的中川昭一(Shoichi Nakagawa)威胁称，央行将大举抛售日元债务，以此成功地令日元汇率短暂下挫。当时，这种口头干预还勉强可以让人信服。在那一年之前，七国集团(G7)第一次在联合公报中载入了反对操纵汇率的内容。不过那时候，大家的日子都不好过。
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