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"The impact of monetary easing is similar to currency intervention.
This huge currency intervention has received little attention in the popular press.
The ministry sets currency policy, and the B.O.J. conducts currency intervention on the ministry's behalf.
Governments often use interest rates or currency intervention to influence their supposedly floating exchange rates.
Global finger-pointing over currency intervention and other policy tools has increased in recent days.
The currency intervention also functions as a massive inequality-creation machine.
That would mark the first currency intervention since 2000, when the euro was at a record low.
The IMF chief, Dominique Strauss-Kahn, said currency intervention was not needed, but that the economic outlook was worsening.
But economists say that the tactic was not entirely successful and that its currency intervention helped stoke domestic inflation.
He is correct that currency intervention at times of political turmoil is generally a sure way to lose money.
By reducing those reserve requirements, the People's Bank will have less money to spend on currency intervention.
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