The euro's crisis is the yen's opening. No Draghi, no bazooka, no Berlin

Measured in dollars, the yen has gone nowhere. Measured in euros, it has gained some 6% in seven weeks – the kind of move that, in the past, ended only when someone rode to the rescue. France's yields have hit 5%, AI credit stress is spreading and Japanese savers are starting to come home. So who, this time, is coming to stop it?

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