All Mizuho ATMs In Japan Have Stopped Working

Tyler Durden's picture

Mizuho, the second-largest financial services company in Japan, has just locked out its customers from accessing their cash. Whether or not this is related to Zero Hedge reports from yesterday that the same bank is unable to complete ¥570 billion in transactions in unclear. What is clear is that we can only hope that those who need cash are calm and collected enough not to start a physical run on whatever bank deposit branches are open. From Reuters: "Mizuho Bank said on Thursday that all of its automatic teller machines (ATM) throughout Japan have stopped working. The bank did not immediately give a reason for the outage." One can only hope that the most recent ¥5 trillion injection was sufficient to keep the liquidity in the banking system online. Alas, should the Mizuho situation not be promptly fixed, we anticipate more injections from the BOJ before the night is out.

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Misean's picture

That ought to work out well.

oh_bama's picture

The BOJ is just stupid

In this situation, it requires heroic measures. they must come up with decisive, civilization scale QE to stop the panic and fight the disaster.

At least 1 quardillion yen guys. 10^15 if you cannot count the 0s. Otherwise who will be BTFDing anymore? sigh..

Cognitive Dissonance's picture

Nothing will piss off a population like not being able to get to their money. It's one thing to debase it, another entirely to lock them out. Cue Godzilla type anger.

CPL's picture

Wait until this translates into libor problems in the backyard of US banks in around...two days maybe...China is pretty much fucked in a day or so...Europe...tommorrow.

We've seen this screen play 2007 in the late summer if anyone else remembers.

Cheyenne's picture

That was before I started paying attention, though I'd noticed a lot more volatility on the NYSE by August 2007 for sure.

Can you remind me what happened then?

CPL's picture


It all went down like a card castle.  There was literally five hours to the end of the banking system that we use forever, hence the reason the federal reserves and central banks around the world started to pump money into the system.

It would have been complete and total destruction.  It wasn't the housing market that nuked the system.  It was the bank interloan system.  Borrowed money on borrowed money on borrowed money ad infinium.  10% of a withdrawl in the system was enough to do it then.


Since now all banks AND governments are tits deep in it by doubling the leverage in the system by printing money.  All it would take is 5%...which means Japan.  Hard workers and hard savers.  They pull out, it all comes down tommorrow.

Squid-puppets a-go-go's picture

yar. massive Libor spike means that the curtain has been pulled in the game of big banks lending money to littler banks. Banks stop trusting other banks to repay their loans. Everyone's fractional reserve pants are down and its time to scrabble for a chair before the music stops.

that's my only economic knowledge. Because I get all my information from crackwhore psychopaths from the the interwebs

CPL's picture's not a crack house.


It's a crack home.


Seriously though, 2007 was the pin being pulled out of the grenade, nobody understood what really happened until 2008 what actually happened, took a dive with the Official statement US housing being in the shitter in Nov (made a fucking KILLING with SRS).  Then it whip tailed like a rocket ship because of a magical black man.  Then S&P hit 666 literally (fucking Christain Fundies were all over that crap), then rocketship ride with the printing press running full tilt.  QE1 then QE2 then QE 2.5 and soon QE 3...then 4...and no and then.


Only thing that can stop the QE's is monitary collapse.  The shit turns into zimbabwe at that point.  Get paid daily and run to buy anything...just simply anything...doesn't matter if it's a stack of dildoes, potatoes, TP or aspirin.  In that situation, a service industry collapses. 

Physical goods are worth "something" because it's a hard asset.  but if you are trying to figure out what your time is worth...HA!  minimum wage is a dream, pie in the sky.


What would blow your mind is how would income tax be calculated in that situation?


It cannot.

mark mchugh's picture

Obviously we'll have to go back to the dildo standard.

CPL's picture

Black Mombo = 2 rabbits = 4 torpedos = 20 pounds of pussy and ass.

Link's 20 lbs of pussy and ass

ironymonger's picture

Those all poweful Xtian fundies ... let's hope they don't have a GS account.

Paul Krugman's picture

What happened in August of 07 is that the 4 or 5 biggest quant funds essentially blew up. They were the secret profit centers for investment banks for a handful of years before the blow up and almost lost all their profits in a few months. 

AUD's picture

Still not seeing any stress in money markets according to the RBA. Open market operations this morning show no change, completely different to 2007. If the RBA's 'clients' were having trouble meeting their obligations, the RBA cavalry would charging in.

I'm beginning to think that this is a concerted attempt by bond speculators to make a quick buck or Yen etc on an 'emergency' rate cut by timid central banks. So far the central bankers are playing hardball. Of course the nervous nellie share investors are nervously selling.

Misean's picture

Yeah. But something major happened.

I mean outside of the whole disaster thing, obviously.

AUD's picture

Yeah. Speculators are, at least trying, to make the price of their bond holdings appreciate by pushing central banks to 'panic' & lower their target rates. For me, this explains the strength in the Yen in recent days, you need Yen to frontrun the BoJ.

If there had been a disaster of the magnitude of Japan here, everyone would be running for the exits. Robert Mugabe would at last be able to unload his Zimbabwe dollars for something worse!

CPL's picture

There aren't enough bodies in the boiler rooms around the world to hold back bad math that is based in infinity.  LIBOR is the derivatives market.  Nothing else matters seriously.  The business of making money from money to build central banks to make money from money....etc...etc...etc...etc...see how reserve banking derivatives work?


Bob Mugabe just didn't have enough friends to help out.

AUD's picture

I dunno, you can fit a lot of zeros on a banknote.

Anyhow, I'm not saying its logical that you would want to frontrun the BoJ, since your profit is in Yen, which is the obligation of the Japanese government, which gets its revenue from Japan, which has just had a massive disaster.....but since when has this international monetary system been logical?

CPL's picture

Before 2007 and starting trading/investing as a hobby I thought all was well.  After the fat man opened the kimono and revealed his dangly bits I've been on the proposition that we are officially in a bizarro superman universe.


I'm canuck and I honestly don't understand how Canada can have a dollar on par to a glass of water.  I'm not say we don't have hard working people.  But 25% of our population works for the government.  11% is on welfare.  8% is looking for a job.


Those aren't good numbers, yet somehow we're the best looking horse in the glue factory.  I don't get it.  World relies on cheap resources and the Canadian dollar is a starting point.  Yet again, it's looking like 2007.  Strong Canuck/AUD dollar, heavy collapses yet again.  it's like the world has a permanent sense of disassociation of reality and history.


Totally bizzare.

DeeDeeTwo's picture

"trading/investing as a hobby" and using a murderer in your avatar makes you par for the ZH course. Another Armchair Mouth Breather, baby.

CPL's picture

Actually it's a left's wing murderer picking his nose.


Photoshop ftw.  I seen the t-shirt wandering around years ago, despised it and added my own touches.  Please feel free to use my stencil.

AUD's picture

Yet again, it's looking like 2007. Strong Canuck/AUD dollar, heavy collapses yet again.

Look under the surface though. Here's a link I found but haven't had the inclination to check out in detail;

Somewhere in there you'll find data on the BoC's open market operations. Here in Oz, the data is showing no similarity at all to 2007. In fact the RBA knew damn well all was not well in the money markets well before 2007 since they were rabidly inflating to try & keep money market spreads tight, the stockmarket up....

Of course they failed but now it's almost as if they are afraid of something. Their repo's, particularly in 'private securities', are more tight fisted than any time in the last decade. They are still into repoing 'general collateral' though, mainly govs, which brings me back to my first post.

CPL's picture

I would agree in part.  Both of our Govie's have been doing the same thing though.  Forcing as much of our countries resource base on to other people's books.  China for one, India for another.  I can't name a single large/medium sized entity in either country that hasn't been forcibly pushed into outside government hands. 


Let's put it this way.  Canada hasn't had an issue with softwood tariffs since Chinese companies ate...literally ate all of it in 2008 along with many of the mining resources.  My understanding in the Northern Miner, the Australian commodities isn't any more Australian than hockey is nor is Rugby and huge Canadian past time.

China though is bag holding ALOT of Japanese cash.  Somehow I'm guessing BoJ will sell it's own people down the river to paid, at least partially, the debt owed to an outside influence that could in theory have a million troops on shore in a day.  As a side suspicion I think it's one of the reasons the US ships hightailed it out of Japan on Friday night.

Double down's picture

What do you mean our dollar should be weak as the USD  It is clear as day, we got these guys on our side:

CPL's picture

You have it backwards.


The USD is as weak as the Canadian dollar.  the inflation of cost is being adjusted against the Canuck primary consumer.

Canada hasn't become "stronger", it's falling down at the same speed in valuation, only the commodities Canada produces (including Australia) are rising because of demand.


Let's put it this way.  Canada has to eliminate the gap in food production that we've lost in 10 year which is a decrease of 30% over all of EDIBLE foodstuffs.  Not the bagging of selling hay to horse tracks we've been doing or we're in big trouble.  Additionally lower the ERIOE on the oil sands from 1 barrel to sell for the 10 we have to mine to produce that one barrel on the oil sands site.

Misean's picture

Interesting theory. Thanks for that. I'll let that roll around in what's left of my mind.

Clancy's picture

There were queues for salt in Beijing today.

Clancy's picture

Correction. There is no salt available anywhere in China.

Table salt contains potassium iodate, etc etc. Beijing is saying there's no danger but the Chinese don't believe them lol.

Wakanda's picture

We often equate money with sustenance.  Not much scarier than loosing that except maybe a looming radiation disaster.

Being pissed and scared will be a real test of Japanese stoicism.  They have been tough so far, but this may be too much.

knukles's picture

Wait.... is it a proactive decision by the bank to deny access to funds or a systems/other type of unintended problem?


CPL's picture

It's trying to stall LIBOR problems, nothing more.  aka runs on the bank thus collapsing the reserve banking system.

Misean's picture

Ah, the old $1 bills become $1000 bills trick.

Wakanda's picture

Of course!  Thaaat reserve!

I've got the original edition in my game cabinet!  I feel much better now.  Back to regular programing.


mark mchugh's picture

And of course, the top hat is nowhere to be found....

CPL's picture

The reserve is the eight other empty gas tanks that are magically created when you deposit one full gas tank?

Ahmeexnal's picture

Shouldn't we ALL be withdrawing too?

Wasn't that the purpose of the campaign a few months ago?


CPL's picture

You should have been actually storing your money in silver.  But its a bit late now.  If it happens like it should, in theory, you could use an inkjet to make money and it would hold the same value if LIBOR collapsed.

Except you would be legally entitled to burn the inkjet money...


It's the age old question, what if you threw a war and nobody came?  Is it still a war?

Ahmeexnal's picture

I'm on silver already.

I'll get me some more tomorrow.


mark mchugh's picture

I think too many people are comfortable enough with the status quo for that to have ever worked.  Maybe this will wake people up to the perils of feeding zombies.

Cognitive Dissonance's picture

The problem is when the zombies feed you back just enough to keep you hooked, thus setting up a dependence just strong enough to make you question breaking the dependence.

Addiction applies to more than just alcohol an drugs. For most people hitting bottom is the first step, and often a mandatory step, to recovery. One must become desperate enough to consider everything and anything including everything you previously dismissed as impossible.

Misean's picture

Someone must have imploded in that forex mess.

CPL's picture

Yup...look at the boards.  All of them are pretty much "stalled"