This week, Japanese automakers reported strong earnings for the latest quarter, and American trade groups are furious. If you remember, American automakers have been complaining for the better part of this year that the Japanese government is depressing the value of the Yen in order to make Japanese exports more competitive. When confronted with the fact that the Bank of Japan has not officially intervened on behalf of the Yen since 2004, the automakers respond that the government continues to threaten intervention in the event that the Yen actually appreciates. This is tantamount to currency manipulation, they argue, because traders are reluctant to bid up the value of the Yen lest the government actually intervene to force it back down. Reuters reports:

“Every time the yen starts to move in a substantial way, ‘Japan Inc.’ and the Japanese finance minister roll out thundering noises” discouraging currency traders from betting on a stronger yen.

Read More: US automakers say Japan profits fueled by cheap yen