For 14 years, as Japan’s economic demise grew more and more evident, its currency devalued relative to gold (the only non-fiat numeraire). When Abenomics began, the trend began to stabilize… but for the last year or so – as The Fed tapered – JPY and Gold have practically flatlined around 132,000 JPY per ounce. This ‘odd’ stability stands in strangely stark contrast to the volatility and trends in the USD, JPY, and Gold over this period. Even amid the collapse in JPY in recent weeks, it has remained firmly inside a 3% envelope of the ‘peg’.