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U.S., Japan engaged in “war of nerves” over forex policy

Yomiuri wrote that the “war of nerves” between the U.S. and Japan over foreign exchange policies is escalating, as the yen’s value against the U.S. dollar surged to the mid-105 level on Tuesday. The paper wrote that Washington’s policy turnaround from its effective approval of the weak yen is behind the yen’s rapid appreciation and that the Treasury Department’s recent placement of Japan on its new currency watch list was a major push.

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