The Bank of Japan has unilaterally intervened on the FOREX market to devalue the YEN last night. After reaching pre-World War II levels, the yen was brought back to 79.15 where the chart turned into a horizontal line for a few hours (signaling a great support level), then trending downwards to the 78.8 level. The devaluing of the Japanese Yen would arguably stimulate the exports and the external demand of Japanese products, but is not a sustainable move since they have large current account and balance of trade surpluses
