Kommentar: Hinter Trumps Yen-Intervention steckt ein rationales Kalkül
Die US-Regierung hilft Tokio und interveniert zugunsten der japanischen Währung. Zugleich versucht der US-Präsident damit, drei seiner eigenen Probleme zu lösen.
The intricate paths of Donald Trump reveal a rational calculation behind his yen intervention. Suddenly, the US President embraces the value of alliances and aids Japan in halting the decline of its currency. In a surprisingly large move, US Treasury Secretary Steven Mnuchin sold significant amounts of euros to invest in Japanese yen.
Rumor has it that this intervention amounted to nearly 50 billion euros. This is remarkable for two reasons. Firstly, the US traditionally intervenes in international forex markets infrequently, making this the first major coordinated intervention since 2011 when the G7 nations, including the US, supported the yen following the earthquake in Japan.
The world's largest economy is the leading currency and does not see the need to engage in currency policy or even currency manipulation, as it frequently accuses China. Secondly, the Trump administration has not been particularly notable for an altruistic foreign or, more precisely, foreign economic policy. On the contrary, "America first" is not only a slogan but the essence of the MAGA (Make America Great Again) movement. The global tariff chaos that the US created within just a year and a half speaks volumes.
Written by urgent.news from Handelsblatt's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
