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‘Strong Dollar’ Is Lie Told in New Currency War

Jan. 22 (Bloomberg) -- Jack Lew’s first act once he becomes U.S. Treasury secretary will be to tell a lie.

On Day One as Timothy Geithner’s successor, Lew is bound to say “I support a strong dollar” to reassure markets that there will be no change in long-standing U.S. policy. Nothing could be further from the truth, though, as the yen trades at 2 1/2-year lows and the world considers a response to Japan’s blitz on money markets.