Japan Fin Min Noda: Yen moves clearly one-sided

Busy day open time @ 10:11EST close time @ 11:28EST. I should have held on the trade longer but did not want to be greedy. Spoke to a man today from the land of the rising sun who was looking for a job in the states as a CPA.

Akuma

 

Bloomberg update

http://noir.bloomberg.com/apps/news?pid=20601087&sid=a1_5P4Do9vFM&pos=4

what a surprise!

Akuma

 

Bla, bla, bla...blu, blu, blu,,,,ble, ble, ble,,,bli, bli, bli, ....blo, blo, blo.

As colorful language as a peacock...



Peacock Nada...

 

Did another nuclear bomb hit Japan? Nikkei to zero?

Time to go long? -- or is this thing going into free fall mode?

 

Somehow Hildebrand looks like a cleric :

 

BOJ has so far not lost one "war" against speculators.

USD/JPY is in long term downward channel since early June. Close above 85.47 would be bullish otherwise the trend is your friend.

 

so no intervention yet?

 

Just more tough talk...

 

Will they, won’t they - and would it matter either way? These are the key (yen-related) questions of the day, or indeed, the month.

Japan’s signalled (with slightly more feeling this time around) that it might – really, really might – act to curb yen strength after the currency reached a 15-year high of Y83.60 to the dollar on Tuesday.

On Wednesday, the yen dipped slightly to about Y84.50, after seemingly tough talk from the finance minister, Yoshihiko Noda, about prospects for official intervention.

After days of market speculation about government action, Noda has now incrementally ratcheted up his earlier rhetoric – albeit in typically nuanced Japanese style – from last week’s pledge to monitor the yen “appropriately”.

As one veteran analyst – and wit – in Tokyo pointed out: Noda and other politicians continue to use the word “tekisetsu” to refer to their stance on the yen’s rise. It literally means “appropriate”, as in “appropriate stance”, “responding appropriately” – and pronounced quickly, it can sound like “Texas”.

So while the politicians continue to talk about ‘Texas’, nothing will be done to bring the yen’s rise to an abrupt halt, says the analyst. The key word (or phrase) to watch for, he advises, is “decisive” – sekkyoku kakan. When politicians mention that in relation to the yen, they will probably actually do something.

http://ftalphaville.ft.com/blog/2010/08/25/325776/intervention-threats-the-never-yending-story/

Waiting for "sekkyoku kakan"...

 

Meanwhile, though, it would seem that one of the few members of the Kan administration to have things in perspective is Koichiro Gemba, DPJ policy chief, who attempted to remind people on Thursday that there were other things at stake. As Bloomberg reports:

The Japanese government must address falling prices and the yen’s rise to a 15-year high in its stimulus package, ruling Democratic Party of Japan policy chief Koichiro Gemba said. Gemba presented the party’s stimulus proposal to Prime Minister Naoto Kan, and called on the Bank of Japan to move quickly to address the fragile economic recovery. “The biggest issues are the strong yen and deflation,” he told reporters after meeting with Kan at the prime minister’s office in Tokyo. “The top priority is monetary policy. We’d like to request the BOJ to speedily take further steps.”

http://ftalphaville.ft.com/blog/2010/08/26/327156/once-more-unto-the-breach-with-japans-kan/

Never ending story. Yawn, yawn, yawn.