That's why Japan is all for a weaker yen. Policy makers think it will help the world's second-biggest economy export its way to growth. In recent weeks, Bush's Treasury secretary, Paul O'Neill, publicly questioned the wisdom of Tokyo's manipulating exchange rates for growth.
O'Neill understands that Tokyo isn't addressing the bad-loan problems and protectionism undermining its economy. His counterparts in the G7 industrialized nations probably see the neglect, too. If O'Neill briefed Bush ahead of his Japan trip, perhaps the president didn't get the message. And so, Japan's devaluation policy remains intact.
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