Indeed, when European finance ministers joined Mr Trichet's rebuke to the markets, traders sent the currency soaring again.
If Germany were to leave, its export-based manufacturing economy would take a body blow as the new currency soared.
The discount sale on the yen abruptly ended early this month, as that currency soared against the dollar.
Just this week Ben Bernanke, its chairman, demonstrated its influence when a rare comment on the dollar's weakness sent the currency soaring (see article).
These companies as well as Mitsubishi, Isuzu, Fuji, and Suzuki later opened manufacturing plants in major markets outside Japan to ease trade tensions and increase their competitiveness as the value of Japan's currency soared.
If you want an example of a lack of liquidity, look at what happened to the Swiss franc when the country's central bank dropped its three-year peg to the euro: its currency soared against the euro.
Lured by high interest rates, investors have piled into the country, sending the currency soaring to an increasingly overvalued rate, despite an expanding arsenal of taxes designed to deter them.
The SNB shocked foreign exchange markets last September when it imposed a cap on the value of the franc against the euro to stop the currency soaring and thereby hurting Swiss exporters' earnings.
After 1973, the United States adopted a hands-off policy toward the dollar, but it was forced to reverse course in the mid-nineteen-eighties when the currency soared so far — at one point reaching almost one pound sterling per dollar — that American exporters were priced out of markets all over the world.
"We're really offering something different, a truly regulated and well-surveilled [bitcoin] marketplace with transparent rules and cutting-edge technology". Yet, Deters acknowledged, the bitcoin craze that has sent the value of the virtual currency soaring could dissipate once it hits the regulatory rigors of a traditional trading market.
