Yen
Japan Prepared To Sell Yen To Keep Currency Below 14 Year High Against Dollar
Submitted by Tyler Durden on 11/26/2009 22:33 -0500The $ PET (Plunge Enforcement Team) will have its work cut out for it tonight and tomorrow, after speculation was rampant that both Japan and Switzerland would intervene in their respective currency markets to halt the dollar's collapse, in essence making Tim Geithner's self-proclaimed job of maintaining a strong dollar that much easier. And even as the Nikkei has terminally decoupled from the US equity market, and is now over 10% down from its 2009 highs, the yen just passed 85, hitting a 14 year high against the dollar and throwing Japan's export economy into a tailspin: that a confirmed deflationary economy is considered a "safe-haven" in today's world should be sufficient to get Keynes boogying to the foxtrot in his grave as his economic gospel falls apart at the seams.
Intraday Major Yen Divergence; Parallel Derisking In Process
Submitted by Tyler Durden on 10/29/2009 10:55 -0500
While the logic of how a US economy equates to a weaker dollar escapes those who think before pushing buttons and chasing trends, a glance at intraday currency performance indicate a substantial divergence in then Yen relative to the global "short-dollar" complex. Even as the euro, cable and OZ are powering higher, the yen has been caught in a weak zone, and has been declining all day long despite a stronger than expected US economy (yes, it does make sense...but don't think about it too hard). The oddity in the FX market is compounded when juxtaposed with Japan CDS levels: as of several minutes ago, Japan CDS was trading around 63 (white line on the chart below): a level last seen in April. This begs the question: what does someone know about Japan, and will this weakness translate into weaknesses for other non-US currencies?
Yen Carry Unwind And Shift Into Dollar Carry Extends, US Stocks Decoupling From Dollar Weakness
Submitted by Tyler Durden on 09/25/2009 10:51 -0500
The dollar pain continues as the dollar drops below the 90 Yen support level. Surprisingly despite the dollar weakness, there is no capital flow into domestic risky assets (10 Years are well bid). In fact, the bid in HY, the latest risk casualty of bubble psychology, is weakening. Is the carry trade now financing safer/foreign assets? If so, is yield chasing finally over?
Yen Euro Carry Trade Collapsing, Pushing DXY Higher, Stock To Follow (Inversely)?
Submitted by Tyler Durden on 09/23/2009 10:57 -0500
The Yen-Euro trade just took a sharp turn lower, pushing the DXY higher. Stocks, as usual, are caught in a vortex of vacuum tubes and chasing the VXV in a circular logic argument. Give them some time to catch up.
Dollar Has Given Up Employment Number Gains Vs Yen - Back To Under 95
Submitted by Cornelius on 08/18/2009 20:20 -0500A quick look at the USDJPY chart shows that most of the gains due to second derivative unemployment numbers have been wiped out.
Dollar And Yen Fall On Risk Seeking Trend
Submitted by Cornelius on 07/18/2009 15:41 -0500The recent fall in the dollar and yen are yet another indicator of investors moving to risk assets. What does this mean for further dollar/yen weakness?
Month end on Japanese yen
Submitted by Tyler Durden on 04/01/2009 06:48 -0500As Zero Hedge has noted before, we think the market was underestimating the severity of the crisis in Japan. As we looked at the numbers, we couldn't help but think that some were being a little optimistic in light of the macro factors at play. At month end, the market reacted sharply to almost consistently bad news coming out from Japan; unemployment, production, retail and the Tankan indices all came out below expectations.
Month end on Japanese yen
Submitted by Tyler Durden on 04/01/2009 06:48 -0500As Zero Hedge has noted before, we think the market was underestimating the severity of the crisis in Japan. As we looked at the numbers, we couldn't help but think that some were being a little optimistic in light of the macro factors at play. At month end, the market reacted sharply to almost consistently bad news coming out from Japan; unemployment, production, retail and the Tankan indices all came out below expectations.
Month end on Japanese yen
Submitted by Tyler Durden on 04/01/2009 06:48 -0500As Zero Hedge has noted before, we think the market was underestimating the severity of the crisis in Japan. As we looked at the numbers, we couldn't help but think that some were being a little optimistic in light of the macro factors at play. At month end, the market reacted sharply to almost consistently bad news coming out from Japan; unemployment, production, retail and the Tankan indices all came out below expectations.



