Stephen Jen, currency economist at Morgan Stanley, suggests there might be more powerful forces driving the dollar down.

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Morgan Stanley analyst Stephen Jen has said that in the long run, the evolution of the funds will have "monumental implications" for financial markets.

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The data show central banks buy more dollars when it falls and less when it rises, says Stephen Jen of BlueGold Capital, a hedge fund.

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Stephen Jen of SLJ Macro Partners, a hedge fund, thinks that the Chinese may have been buying as much sovereign debt from struggling states as the European Central Bank (ECB) has.

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Even if those of us who believe that the carry trade is responsible for the yen's weakness are wrong, and alternative explanations, such as that of Morgan Stanley's Stephen Jen, are right, the mispriced yen is a very clear sign that something has gone seriously awry with the way global financial markets are working in relation to global imbalances.

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