We Are Off To The Races: BOJ Intervenes In FX Market, Sends Nikkei Surging As G7 Agree On Plaza Accord V2

Tyler Durden's picture

And we are off. The JPYUSD is up nearly 200 pips as the Bank of Japan buys billions in dollars, using freshly printed Yen, following an agreement with the G7 which will likely see a new plaza accord to keep the Yen low despite ongoing repatriation. This follows earlier news that the BOJ will underwrite a ¥10 trillion in earthquake recovery bonds as Japan is now lurching from one monetization step to another. Keep an eye out for intervention aftershocks as the BOJ now can not allow the USDJPY to drop below 80 or it will be all over. This is what global reflation gone nuts looks like. On the other hand, if the BOJ fails to keep the USDJPY above 80 following this action, and the inflows of yen are far greater than anyone expected, most certainly the G7, then we have big problems.

And from Reuters:

The Group of Seven finance chiefs said authorities from the United States, Britain, Canada and the European Central Bank will join with Japan in joint foreign exchange intervention from Friday, at the request of the Japanese authorities.

The G7 finance leaders expressed their "readiness to provide any needed cooperation and our confidence in the resilience of the Japanese economy and financial sector", they said in a statement issued after a conference call.

The G7 finance chiefs held a teleconference around 7 a.m. Japan time on Friday (10:00 p.m. GMT on Thursday) to discuss the financial and economic impact of last week's massive earthquake and unfolding nuclear crisis.

Next up: Armageddon 2: the Sequel, in which the Chairsatan, Trichet, Shirikawa, King, and Hildebrand dig a deep hole in Haley's commet, in order to save the earth, only something goes horribly wrong and everyone blows up in a nuclear fireball. The end.

Comment viewing options

Select your preferred way to display the comments and click "Save settings" to activate your changes.
bob_dabolina's picture

I have a friend in the military who just tweeted:

"Captain of the USS Reagan told the crew to make video conferences home cause they dont know how sick they might get."

Have not confirmed yet but he's an honest guy so take it for what it is...

Bay of Pigs's picture

A fact they are now evacuating the families of those based in Japan. Unprecedented moves.

Buy hey, we don't want anyone to panic.

Village Idiot's picture

"Buy hey, we don't want anyone to panic.

Im not. I'm waterskiing right now. 




snowball777's picture

0:23 - 0:25...comedy Au. I'd love to see the insurance policy on the ski boat too.

What does it all mean's picture

I wish I had enough cajones to fully capitalize on this.  It is a beautiful intervention... First buy the yen, and now, time to monetize it.  Probably Goldman FX traders who showed them how this is done.  Very impressive, along with the general preparation.  

I am serious, no other nation could have handled this better!  M9.0 is 34 times bigger thatn M7.5 for most US nuclear plants... it is the aftershocks and tsunami that destroyed Fukushima...  If the same thing happened in West Coast, watch out for the looting and how prepared OC crowd really are.  

Ray1968's picture

With everything going on this week, I'm pouring a glass of Jack Daniels and a splash of Coke and I'm calling out hung-over tomorrow.

tom a taxpayer's picture

I'm having Spumante over ice with a shot of Sambuca in a 16 ounce plastic cup.

cletus n clovis's picture

tullamore dew straight no chaser for me after all it is saint patrick's day!!

Bay of Pigs's picture


Following your lead...and let's check the brackets while we're at it.

Fish Gone Bad's picture

With all the shit going on in Japan, I went out and bought 10 gallons of bottled drinking water, and filled up my gas tanks.

Now that all the un-fun stuff is done, it is time to get down to some more serious business.

chumbawamba's picture

I bought half an ounce of good weed.

I am Chumbawamba.

Campagnolo's picture

that's exactly what I need as well...too much shit going on in the world...maybe will be one the last ones to relax a little

baby_BLYTHE's picture

Weed <3.

too all the single guys in the house... girls love weed!

I have been tracking how much a gram has incrased in my area over the last decade or so (Started around 11- yet a straight A student every year!).

In addition to Gold+Silver+Lead Bullets+Seeds and Clean water.

Go long cannabis. ;)

Thomas's picture

Hot Tamales (the candy). It's an addiction.

Calmyourself's picture

Jelly Belly brand jelly beans, love the javas, and whiskey lots of whiskey.. 

JP McManus's picture

+ 1

I like my scotch like I like my women - at least 18 years old.

Lets_Eat_Ben's picture

hmm...lets see...im gonna go with a couple of glasses of red wine and hopefully a bj

It's the little things in life...am i right?


LongSoupLine's picture

I'm on my 6th Guinness and feel like a fucking hero...or is it fuck a hero?...no, no..wait, it's eat a fucking hero with extra thin sliced rare roast beef...yeah, that's it!


...time for another Guinness

Yancey Ward's picture

I mainline pure grain alcohol with my mom's IV kit.

SheHunter's picture

Tuaca brandy, no ice, chilled glass.  I think there's some green somewhere on the label....

Bananamerican's picture

wheatgrass, vermouth, uh, in a blender...

with rocks and a shot of vicks vapo-rub....

oh YEAH Baby!!

dark pools of soros's picture

i just got some whiskey rocks that you keep in the freezer so you dont water down the good stuff...  pretty nice but I could of just grabbed some rocks outside and did the same thing...

duo's picture

I have a Japanese spherical ice mold.  Supposedly, the sphere cools the whisky the most without diluting it, so it's the thing to do at the whisky bars in Japan were a shot  of Nikka 17yr is about $12.

Sad to say, but that was what I was doing in Tokyo the last Friday night of the old Japan (March 4th).

dark pools of soros's picture

many were doing a lot less memorable

macholatte's picture


Diluting Old No. 7 with anything other than ice made from pure rain water is a crime against nature.


rich_maverick's picture

That rain water may be radioactive.  I would stick to just drinking it straight from the bottle...

Village Idiot's picture

Oxi, with a marijuanna back.

PeterB's picture

Give me what ever Bernanke's on & make it a double dose

merehuman's picture

up on amnesia. All is forgotten , new horizons glowing in the dark

hangemhigh's picture
TO:  Village Idiot
on Thu, 03/17/2011 - 20:56


"Oxi, with a marijuanna back."

 dogg, how good is that,....the lush faux pas prime time remix.....some sister ray with high tides and green grass.....

Village Idiot's picture

green grass and high tides forever, my brother.  here comes the riff.





max2205's picture

If you are out of sick days call in dead

Ray1968's picture

Being St. Patrick's Day, I don't think I'm fooling anyone.

Arkadaba's picture

+funny! Did it once or twice myself

hangemhigh's picture
TO:  max2205
on Thu, 03/17/2011 - 21:00


"If you are out of sick days call in dead"

if that doesn't work tell them it's an alien abduction and you're partying on the mother ship.........

frippy's picture


Fat Tire Amber Ale here.



prophet's picture

Was he referring to the people back home or the people on board?

4shzl's picture

Risk on -- booyah.

Id fight Gandhi's picture

Risk on is so 2010

Just like green shoots was 2009.

DeanTheMachine's picture

Holy shit have I been reading zero hedge that long?  I feel like I'm in a fucking time warp.  The next thing I know I'm gonna wake up and my life's gonna be over

CPL's picture

No risk on.

Break bitch.  Taurus says so.  This is done or another massive rock and roll to finish it.  Fuck it.

Take it.  All eight inches bitches.   Fucking turds.  Kiss kiss bang bang California. just for fun and a bit of Mexico...well lots of Mexico.

Cancer for everybody.  DOn't fight for yourself, here's a dose.  Massive dose.

SheHunter's picture

c...h...i...L...L...  iz all OK.  Rully.

alien-IQ's picture

USD back to pre-intervention levels...futures still stratospheric....I am Jacks total lack of surprise.

alien-IQ's picture

looks exactly like the /ES chart. Everything going full retard...because lets face it...War (another one) Nuclear Meltdown...Tsunami...Earthquake...NO PROBLEM!!! We'll just print more money and PRESTO!...All is well.

Everybody go long everything now.

Oh regional Indian's picture

Weird World. Getting weirder by the minute.

Full court press, when will these guys give up?

In fact, the bigger question seems to be, why can't these guys give up? What is driving the market madness? Do they have reptilians at their throats? Who spawned this bankster/political lot? Are they really lobotomized abductees following some crazed alien overlord's orders?

Tell us Alien IQ?

Because their actions sure do nto make them look/feel human. At all.

Cue Henry "Detente", Mr Playgirl (ughhhhh) Kissmyassinger.