Meet the Sendai Accord

Forget the Plaza Accord, meet the Sendai Accord: the G7, in their infinite wisdom, has decided to (once again) muddy the waters of free market pricing.  As readers are no doubt aware, the tragic events in Japan over the past week have placed tremendous upward pressure on the Yen.  The carry trade, equity hedging, 'risk-off' maneuvering, and repatriation are all legitimate culprits.  But since these market forces are all opposed to what the 7 most powerful unelected officials deem 'appropriate' for the global economy, they have decided to use their unconstrained balance sheets in a coordinated effort to devalue the Yen.  We eagerly await the outcome of their ultimately unsuccessful endeavors.