When push comes to shove, China still has the bigger gun over Japan on many other levels, and the U.S. most likely has to at least sit in the bed it’s made so far.
The divergence in crude oil and gasoline supply fundamentals could mean not even an SPR oil release, unilateral by the U.S. or not, would significantly bring down gasoline prices as people might expect.
The conditions are dramatically different from the first two QE initiatives in regards to Pre-Conditions or available flexibility to undertake an asset raising initiative.
Monetary policy typically has little direct impact on the labor market, but Dual Mandate most likely will continue to force Fed's hand into the futile unemployment-QE cycle.