Japan Must Take Drastic Action Now

Is this the beginning of Japan's recovery--or just a brief pause on the downward path to a full-fledged depression? After watching the Japanese yen fall as low as 146 to the dollar, its lowest level since 1990, the U.S. and Japan joined forces on June 17 to break the currency's headlong plunge. The joint intervention helped push the yen back up to 137 to the dollar by day's end while punishing currency speculators.

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