Sankaran calls for steadier, multilateral yen interventions

In an Unhedged interview, Karthik Sankaran says the US–Japan yen intervention met criteria for multilateral action and could become more regular, though its effectiveness hinges on the Bank of Japan’s policy. He argues that dollar centrality, not just strength, drives policy and advocates broader, less selective FX tools. He also weighs the renminbi as an alternative, noting that a stronger yen could encourage renminbi appreciation and benefit global south economies.