Yen Seeks Green Light From G20

All investors seek is clarity. How difficult can that be? Despite being on the same side, sometimes it's been near impossible to get the 17-member Euro-zone policy makers to sit down and agree. So achieving consensus from the G20 meeting commencing today and ending tomorrow in Moscow is a tall order.

At stake is how much to support Japan's use and interpretation of Abenomics to boost its economy from a decade and a half of deflation without signaling support for a weaker Yen. The danger of favoring one currency over another usually hurts neighboring exporters. Ever since Shinzo Abe and his policies arrived on the scene, yen has managed to depreciate 12% outright. How does one stop the hurt? By fighting loose monetary stimulus with a 'trade war' and something the policy makers are trying to avoid. By Sunday, investors should be in a position to understand how comfortable all the other members are with the new weaker yen landscape.

Earlier this week, the remaining...