What changed
Treasury concerning the yen and, especially, after ‘Operation Twist’ 2.0, in which the Treasury, not the Federal Reserve, bought long-duration bonds financed by issuing short-term debt.
There are two angles to this.
First, should you expect the dollar to collapse in value against the yen or the euro? Not necessarily. Neither currency is remotely capable of replacing the U.S. dollar as the w — via @jsblokland