The yen’s price action over the last week or so has been compressed into the tightest range we have ever observed in a currency.  There is nothing puzzling about this, however, since we already know that the central banks have been doing everything in their power to hold it down.  It is also certain they will fail and that a massive run on the yen lies just ahead.  This will be the long-inevitable unwinding of the so-called carry trade that has made it possible for the Feather Merchants to bid up financial “assets” around the world using yen borrowed for next to nothing.  Did anyone actually believe this harebrained scheme could go on forever?  Evidently.