"The G7 has long committed that exchange rates should float, except in rare circumstances where excess volatility or disorderly movements might warrant cooperation, " she said.

CNN: US Treasury triggers fall in yen

Concerned about excess market volatility, the Securities and Exchange Commission has loosened some trading regulations, including allowing companies to buy back more of their own shares than usual.

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Third, Congress should give the agency responsible for overseeing oil markets new authority to protect against volatility and excess speculation by making sure that traders can post appropriate margins, which simply means that they actually have the money to make good on their trades.

WHITEHOUSE: President Obama Speaks on Increasing Oversight on Manipulation in the Oil Market | The White House

For the past few decades the conventional wisdom in finance has been that investors don't receive any extra return for putting up with higher levels of raw volatility but that they do enjoy excess returns for owning high-beta stocks.

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In other words his approach exploits most of the good features of leverage (excess returns) while minimizing the bad features (volatility drag).

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