Easy to remember, it's 3, 11, 11 when that happened. And I Thought, well, maybe there's a catalyst here because the Japanese government demanded that the nuclear reactors be switched off. So If one was thinking of being short the yen, you were pushing against a very, very large current account surplus, about 3% of GDP. But when the Japanese switched off the nuclear reactors, they had to start importing more fossil fuels. And it took the current account to a deficit, but nothing really happened. (12:20–12:31)
CLAIM
Asserts that Japan had a current account surplus of about 3% of GDP before the nuclear reactors were shut down.
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