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In fact, he said, Europe's exports to Asia have been buoyed by the Japanese central bank's frequent and heavy interventions in the currency markets.
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There has also been heavy intervention to shore up the stock market.
Sensible boards should comply, rather than a kick up a fuss that will only invite heavy intervention by government.
With output also plummeting, calls for heavy intervention in the economy have reached a fever pitch.
Most oil exporters peg their currencies to the dollar or resist appreciation through heavy intervention, in much the same way as China and other Asian countries have done.
But the rouble's rate against the dollar has been held relatively steady over the past couple of years by heavy intervention.
Even if they could help, it would probably not be in the interests of long-term stability, because heavy intervention by Shia Iran in Iraq and Syria would probably only incite further resistance from Sunni Arab groups.
The dollar has fallen by over 30% against the euro since 2001, but its trade-weighted index has fallen by much less because of heavy intervention by Asian central banks, aimed at holding down their currencies against the dollar.
Despite the heavy intervention, the Japanese currency is again inching up on the dollar, rising to around 109 yen on Tuesday from around 111 on Friday, amid speculation in foreign exchange markets that Japan will not be able to maintain the immense yen sales for long.
But he was cautious when asked whether Asian governments should slow their heavy intervention in currency markets, which has held down the value of the Chinese renminbi in particular and has made Chinese and other Asian goods seem very inexpensive when exported to the West.
In its latest semiannual report to Congress on the currency policies of countries around the world, the department reiterated its complaint that the recent appreciation in the Chinese yuan was "too limited and modest," but said that the government's heavy intervention did not meet the legal definition for currency manipulation.
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