Asian currencies can’t fight the greenback

Safe measures: A screen displays financial data at the Tokyo Stock Exchange. Japan has been trying to cushion the yen’s fall by foreshadowing steps. — Bloomberg

PAUL O’Neill, a Treasury secretary under George W Bush, ran into controversy on his first overseas trip when he had the temerity to question the often celebrated, and sometimes bemoaned, strong-dollar policy.

O’Neill inherited the mantra from the Clinton years and regarded it as little more than rhetoric. That doctrine won accolades at home, but was considered unhelpful abroad, especially in Asia.