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They have just enough ammunition left for one last push on the yen and the market".
In fact, America's QE and the resulting upward pressure on the yen was one of the key reasons Shinzo Abe, Japan's prime minister, demanded the Bank of Japan take a more determined assault against deflation.
Interventions and monetary easing by the Bank of Japan have helped keep aggressive one-way speculative bets on the yen in check, but there is widespread skepticism that these measures can counter market forces supported by trade and investment flows.
So the exchange-rate system in the non-Communist world will be come a tri-polar one with an Asian block centered on the yen, a dollar block and a European one.
"It has caught people off guard and people are just staying away," said one top foreign exchange executive about speculating on the yen.
Then there are his views on the yen.
Broker Icap is being investigated on the yen side.
Analysts suspect this was to counteract upward pressure on the yen because of the Fed's move.
Much of the upward pressure on the yen has come from foreign buying of Japanese shares.
But that in itself would place upward pressure on the yen.
There was little if any discernible effect on the yen during the Kobe disaster.
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Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com