Is The BOJ Preparing An Imminent Announcement Of Its Own Latest (And Certainly Not Greatest) QE?

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Mon, 10/04/2010 - 19:53 | 624712 themosmitsos
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Tyler, very interesting ...

my only problem is that I do not believe that either the BoJ, nor the FED for that matter, is willing to announce the kind of mulittrillion [US$] packages that would be necessary to "accomplish" these goals. Incrementalism will not work. Nor will "shock & awe," but at least that'll LOOK like it's working for more tha 2-3-4 days.

Mon, 10/04/2010 - 21:19 | 624819 MiguelitoRaton
MiguelitoRaton's picture

Race to the bottom Bitchez!

Mon, 10/04/2010 - 19:54 | 624715 Orly
Orly's picture

Did Joseph Heller write this stuff?

Mon, 10/04/2010 - 20:09 | 624728 Spalding_Smailes
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Increasing risks to Japan’s recovery prompted what may become the biggest threat yet to the Bank of Japan’s independence as politicians seek to redress its failure to end the deflation entrenched in the economy since 1998.

Your Party, an opposition group, plans to submit a bill in the Diet session running through December that would give the government a greater role in BOJ policymaking. Ichiro Ozawa, a former challenger to Prime Minister Naoto Kan whose calls for currency intervention and enlarged fiscal stimulus have been adopted by Kan, made a similar proposal last month.

Mon, 10/04/2010 - 20:58 | 624776 Conrad Murray
Conrad Murray's picture

Not related, but after I read that article, I got to browsing around on Bloomberg and came across this:

Could we really be so lucky as to get some RICO action against these fucks?

Mon, 10/04/2010 - 21:02 | 624783 Spalding_Smailes
Spalding_Smailes's picture

More from above article....


The Kentucky suit claims MERS and the banks violated the Racketeer Influenced and Corrupt Organizations Act, a law originally passed to pursue organized crime.

“RICO comes in because the fraud didn’t just happen piecemeal,” Heather Boone McKeever, a Lexington, Kentucky-based lawyer for the homeowners, said in a phone interview today. “This is organized crime by people in suits, but it is still organized crime. They created a very thorough plan.”

The suit, which includes claims of fraud, also names as defendants other banks, real-estate law firms and document- processing companies.

In the Phoenix litigation, U.S. District Judge James A. Teilborg found that the mortgage banks properly named MERS as the nominee for the original lenders and that the plaintiffs didn’t include enough detail in their allegations that the banks formed MERS to conspire to deprive homeowners of their property.

Mon, 10/04/2010 - 20:59 | 624779 tip e. canoe
tip e. canoe's picture

"That's the way things go when you elevate mediocre people to positions of authority."

Mon, 10/04/2010 - 21:06 | 624791 knukles
knukles's picture

Hoooray!  Yipee!  Happy, happy, joy, joy!

The politicians take over!

We're saved!

Mon, 10/04/2010 - 19:58 | 624718 pauldia
pauldia's picture

Its a mad mad mad world, race around the world for the absolute bottom....

Mon, 10/04/2010 - 20:21 | 624740 Pedro
Pedro's picture

This ties into the Hugh Hendry interview on King News the other day where I believe he was talking about his Japanese short positions. 

Mon, 10/04/2010 - 20:29 | 624748 Pedro
Pedro's picture

$2 billion short position on Japanes credit to be exact.

Mon, 10/04/2010 - 20:25 | 624745 99er
99er's picture

Chart: USD/JPY

Backtesting the upper boundary of a Falling Wedge from which it has broken out. Bullish in theory.

Mon, 10/04/2010 - 20:58 | 624777 chopper read
chopper read's picture

apparently the BOJ is 'bigger than the market', so the 'fundamentals' agree.  

Mon, 10/04/2010 - 20:25 | 624746 alien-IQ
alien-IQ's picture

QE x Infinity? say it isn't so....

Mon, 10/04/2010 - 20:35 | 624751 carbonmutant
carbonmutant's picture

The FX boys think the EUR/USD is in the midst of topping off.

That should put a smile on Shirakawa's face...

Mon, 10/04/2010 - 20:57 | 624773 Spalding_Smailes
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Citigroup Inc. and Ally Financial Inc. units were sued by homeowners in Kentucky for allegedly conspiring with Mortgage Electronic Registration Systems Inc. to falsely foreclose on loans.

The lawsuit, filed as a civil-racketeering class action on behalf of all Kentucky homeowners facing foreclosure, also names as a defendant Reston, Virginia-based MERS, the company that handles mortgage transfers among member banks. The suit claims that through MERS the banks are foreclosing on homes even when they don’t hold titles to the properties.

“Defendants have filed foreclosures throughout the state of Kentucky and the United States of America knowing that they were not the ‘owners’ or beneficiaries of the loan they filed foreclosure upon,” the homeowners wrote in their complaint filed Sept. 28 in federal court in Louisville, Kentucky.

Mon, 10/04/2010 - 21:04 | 624788 frankTHE COIN
frankTHE COIN's picture

Ka-Boom duly noted.

Mon, 10/04/2010 - 22:17 | 624915 StychoKiller
StychoKiller's picture

Who needs "Project Mayhem" when the Banks, Title Co.s, were busy strapping C4 onto themselves?

Mon, 10/04/2010 - 21:15 | 624810 tip e. canoe
tip e. canoe's picture

vedddy interesting that MERS is based in Reston.

Tue, 10/05/2010 - 06:39 | 625343 bada boom
bada boom's picture

Quick, congress needs to pass some legislation to "help" the homeowner.

Mon, 10/04/2010 - 20:52 | 624763 john_connor
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It appears we could have USD strengthen against EUR, JPY, AUD, and CHF all at once.  These countries/regions have been eating deflation, and I don't think they can absorb any more.  Fasten your seatbelts. 

Mon, 10/04/2010 - 21:03 | 624786 chopper read
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a snapback in the USD would send our S&P to the toilet.  that is, until the backslap to the snapback from the Masters of the Universe at The Fed. 

Mon, 10/04/2010 - 20:53 | 624765 traderjoe
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And didn't econ 101 teach these FinMin's that competitive devaluations hurt everyone?

And the BOJ directly lending to small and medium-sized businesses?

Gold will pop again on all of this...

Mon, 10/04/2010 - 21:01 | 624766 Treason Season
Treason Season's picture

Citigroup, Ally Sued for Racketeering Over Database The lawsuit, filed as a civil-racketeering class action on behalf of all Kentucky homeowners facing foreclosure, also names as a defendant Reston, Virginia-based MERS, the company that handles mortgage transfers among member banks. The suit claims that through MERS the banks are foreclosing on homes even when they don’t hold titles to the properties.

Mon, 10/04/2010 - 21:11 | 624800 suteibu
suteibu's picture

This is the story that made me laugh.

The BOJ needs to find reasons for additional stimulus steps. But a number of sources have said those reasons must not be related to the yen’s recent sharp rise, over which lawmakers are attempting to force the bank into action.

‘‘We cannot accept being told (by the government) to undertake monetary easing in response to the yen’s rise,’’ a BOJ official said on condition of anonymity. Additional policy easing that could boost liquidity in the economy would not necessarily be effective, unless weak corporate appetite for fresh capital spending is addressed, the official said.

So, they don't want it to seem like they have lost their independence.  They are only fooling themselves.

Mon, 10/04/2010 - 21:18 | 624816 Orly
Orly's picture

Yes.  Isn't it time the people got control of their own money?

Mon, 10/04/2010 - 21:24 | 624826 suteibu
suteibu's picture

Indeed.  In Japan and the US.

Mon, 10/04/2010 - 21:43 | 624860 99er
Mon, 10/04/2010 - 22:15 | 624908 99er
99er's picture

(Reuters) - The Bank of Japan is expected to ease monetary policy on Tuesday on growing evidence the strong yen is hurting a fragile economy, with bolder steps such as buying government debt or private-sector assets emerging as a strong option.

Mon, 10/04/2010 - 22:50 | 624982 DoctoRx
DoctoRx's picture

BOJ will do what the Fed tells them to do.  And we all have our strong suspicions about who tells Gentle Ben what to do. 

Mon, 10/04/2010 - 22:57 | 624994 monopoly
monopoly's picture

Even if the dollar moves up I think gold will hold and move higher. The entire planet is becoming infected again.

Not selling any gold or miners.

Mon, 10/04/2010 - 23:33 | 625037 Nigaz
Nigaz's picture

Good night AUD, no rate raise.  Now to spin this into permabull recovery output...

Mon, 10/04/2010 - 23:46 | 625053 gwar5
gwar5's picture

At what point does a race to the bottom create less demand through loss of purchasing power and prices come down too? 


Mon, 10/04/2010 - 23:48 | 625057 Orly
Orly's picture

Now, if the Euro would just trip the wire, all would be right with the world...


Tue, 10/05/2010 - 00:22 | 625099 Minion
Minion's picture

Euro is under stress and the technicals are ripe.  Gravity is universal.......

Tue, 10/05/2010 - 05:46 | 625308 Orly
Orly's picture

Ireland on credit-rating watch...

Retail sales down 0.4%.

Will someone please 'splain how the EURJPY manages to hang at 115?  EURUSD at 1.38?  I know the old market is irrational thing but this bordering on the suprasurreal here.

Or maybe we have indeed entered the Twilight Zone...


Tue, 10/05/2010 - 06:37 | 625341 bada boom
bada boom's picture

Your about in the middle, to the end of the best Twilight Zone show ever .  Don't worry, it will all make sense in the end.

Tue, 10/05/2010 - 00:40 | 625146 Nigaz
Nigaz's picture

Hello... BOJ !

Tue, 10/05/2010 - 00:42 | 625150 Nigaz
Nigaz's picture

You have been outbid, Mr Sack.


Tue, 10/05/2010 - 00:43 | 625152 Pillage
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Tue, 10/05/2010 - 00:54 | 625163 Yellow_Paul_Fra...
Yellow_Paul_Frank_Monkeys's picture

Done and done.

Tue, 10/05/2010 - 00:54 | 625164 bob_dabolina
bob_dabolina's picture

Thank you sir. May I have another?

Tue, 10/05/2010 - 00:55 | 625165 bob_dabolina
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Tue, 10/05/2010 - 00:57 | 625167 Pillage
Pillage's picture

The dollar is dropping faster than the Yen.......odd

Tue, 10/05/2010 - 01:01 | 625170 Yellow_Paul_Fra...
Yellow_Paul_Frank_Monkeys's picture

not really though.. dx @ 78.69 & ES up about 2 points, I am thinking this is pretty much par for the course

Tue, 10/05/2010 - 05:14 | 625300 Pillage
Pillage's picture

Yen up, Dollar Down.........who did QE again?

Tue, 10/05/2010 - 01:02 | 625172 Pillage
Pillage's picture

5 minutes and counting until Yen is back above the point of announcement

Tue, 10/05/2010 - 01:06 | 625177 bob_dabolina
bob_dabolina's picture

The market is not taking kindly to this.

Gold is lovin' it

Tue, 10/05/2010 - 01:09 | 625183 roymunnson
roymunnson's picture

Wow! where does this end....GEEEEZ

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