BWC member Mark Sobel writes in OMFIF that Japan’s renewed warnings over yen weakness—and hints of intervention—reflect familiar patterns, but with even less clarity from the new leadership team.

Sobel notes that the yen’s 30% five-year depreciation mirrors underlying fundamentals, not disorderly markets. Liquidity is strong and trading is smooth. The real issue, he argues, is policy incoherence: instead of addressing the economic policy mix driving the yen lower, officials continue to jawbone markets.

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All views expressed by members are their own and not reflective of the views of the Bretton Woods Committee.