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'.

A long trend of JPY fiat devaluation as Japan's lost decades are priced in...

Then odd stability...

Of course, this is conjecture, but doesn't it seem a little odd that with all the hot money flows and violent swings in the last year around the world, that this relationship has been for all intent and purpose - flat and managed.

Charts: Bloomberg