ZH: Japan fires its top currency diplomat as yen disintegrates

ZERO HEDGE reports:

It is hardly a coincidence that literally minutes after the USDJPY hit 161 for the first time in almost two generations… that Japan’s Nikkei reported the man who had been tasked to explain away Japan’s absolutely catastrophic currency policy, one which has made the yen the worst performing currency of the world and the envy of banana republics everywhere… i.e., Japan’s top currency “diplomat” Masato Kanda, has been fired.

Kanda will be replaced with Atsushi Mimura, a director-general of the Finance Ministry’s international bureau, who will take over as vice finance minister for international affairs on July 31…

The full post can be read here.