US Accuses Trading Partners of Currency Manipulation, Yet Helps Japan Prop Up Yen

The US Treasury Department has released a report criticizing its trading partners for unfair currency practices. The 59-page report lists countries including China, Japan, Korea, Taiwan, Thailand, Singapore, Vietnam, Germany, Ireland, and Switzerland as engaging in 'unfair competitive advantage' to manipulate their currencies.

The report comes on the heels of a joint intervention by the US and Japan in the international currency market to prop up the yen at the end of July. However, this move did not yield the desired results and was seen as a waste of monetary resources for both countries.

A notable example cited in the report is Japan's recent struggle with its falling currency. In response, the US Treasury helped Tokyo intervene massively in the currency market to prop up the yen. This move has been criticized as hypocritical given the US Treasury's own condemnation of other countries' currency manipulation practices.