The above charts shows the currency problem faced by the BOJ: even as their interest rates were at record lows and their economy was barely growing, the yen was strengthening. The ETF rose from 90 in mid-2008 to 130 at the end of 2011, for a percentage gain of 44%. The banks recent moves to double the currency base has effectively told the markets the central bank intends to have the yen drop in value -- which it clearly has. It's moved from from the high of 130 to 94 earlier this year, for a drop of 27.4%.
