Emerging markets: I think we can call this a crisis

Emerging market currencies continue to drop. The Indonesian rupiah sinks to its lowest level since 2009. The Indian rupee hits a new record low. The Turkish lira falls another 0.8% against the dollar. The Brazilian real drops to its lowest level since March 2009. Central bank actions haven’t been able to stem the decline

Yen takes a breather from its drop against the dollar

Today the yen stalled in its seemingly relentless descent versus the dollar on comments from Japanese Economy Minister Akira Amari that the yen had corrected a lot and that further losses would have a negative effect on the Japanese economy. Speculation among currency traders is that Amari’s remarks were intended not to stop the drop in the yen but to moderate its speed.