The options for market intervention and influence seem pretty limited. While those Asian countries may have had success, are any of their currencies traded at the volume that ours is? I suggest Japan as a better yard-stick – primarily export driven, but with an aged population whose fixed income strengthens with the Yen. Thus interventionalist monetary policy isn’t on the table as it’s too politically risky for leaders. It’s also making life very difficult for young families and students, whose cost of living and chances of finding work are being massively affected.

Have you seen any discussion about the recent high Yen and ways it might be addressed? I’m also wary of our high dollar, and suspect it’s as much to do with US/European weakness than anything else – after all, we’re weaker against the Aussie dollar and intervening (if it can be done) would hugely increase the cost of petrol, etc.