This is an article well worth reading, particularly for the cogent analysis and for its sound historical view of the yen-dollar trade over the last 15 years.
I am going to retract my "trifle melodramatic" aspersion.
The last few hours have shown that AEP's characterizations were right on target with the dramatic intervention by several central banks (see this morning's WSJ front page story Nations Act to Put Brakes on Yen's Rise; it's also the top story on the Nikkei.)
I had earlier this week remarked that it would take the Fed acting in concert with the BOJ to mitigate the yen moves, but in fact, it ended up that the ECB, the Bank of England, and even the Canadians also coordinated in this intervention.
I still don't agree with AEP on the possibilities of an actual yen credit crunch (I rate the chances of such as zero), but the historical and analytical components of his article are right on target.