Japan and the U.S. are relying on forceful FX rhetoric rather than direct market intervention, Mohamed A. El-Erian says. The aim is to deter traders from testin

Japan and the U.S. are relying on forceful FX rhetoric rather than direct market intervention, Mohamed A. El-Erian says. The aim is to deter traders from testing policymakers’ resolve while avoiding the risks of repeated large-scale currency action.