In the MarketWatch article, the former Budget Director of the Ronald Reagan administration cites another instance of 'crony capitalism' as the Fed in March attempted to lower the price of the Yen to save the butts of commodity speculators who use the  0% Yen to speculate in the oil/gas/food/copper etc. commodity markets. This works unless the Yen spikes higher. After the Japanese disaster, Japan had to raise Yen to pay the costs of their disaster, raising the price of the Yen on the world market, and potentially putting 'two way risk' into the game of speculative traders on Wall Street who buy oil/corn/metal contracts to drive them up in price, and sell at some point for a profit, and then they must pay back their Yen loans in other currencies. This works unless the increases in commodity prices are less than the gain of the borrowed currency, the Yen.

Stockman from MarketWatch link:

First, joining the central banking cartels’ market rigging operation in support of the yen, the Fed helped bail-out carry traders from a savage short-covering squeeze. Then, green lighting the big banks for another go-round of the dividend and share-buyback scam, it handsomely rewarded options traders who had been front-running this announcement for weeks....In any event, the yen intervention certainly had nothing to do with the evident distress of the Japanese people. What happened is that one of the potent engines of the global carry-trade — the massive use of the yen as a zero cost funding currency — backfired violently in response to the unexpected disasters in Japan....

Another article, Fed intervenes to lower Yen, sells Yen in NY, link.