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Japan's Official Advice To Bond Investors: "Please Do Not Worry"

Tyler Durden's picture


Q. If Japan has a financial collapse, what will happen to its government bonds?

A. Please do not worry.

Source: Japan Ministry of Finance


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Sat, 11/17/2012 - 12:49 | Link to Comment Zer0head
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Just click your heels together three times and say ...

Sat, 11/17/2012 - 12:52 | Link to Comment Future Tense
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I'm interested to see what will happen to Japan's mortgage rates as their government bond rates start to rise. Will they rise in direct correlation or will they diverge in "risk" value? I think this will be the blue print for how things will play out in the US real estate market once we reach the Greece/Japan moment. Good discussion on this mortgage rate topic here:

Sat, 11/17/2012 - 13:07 | Link to Comment flacon
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"Please do not worry" ~ I didn't know that Timothy Geithner was Japanese too. 

Sat, 11/17/2012 - 13:10 | Link to Comment rcintc
rcintc's picture

Thank Goodness....I feel so much better now that I don't have to worry.

Sat, 11/17/2012 - 14:24 | Link to Comment Boris Alatovkrap
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Q: How many is Japanese for screwing incandescent bulb?

A: Please do not have to worry!

Sat, 11/17/2012 - 14:31 | Link to Comment TheSilverJournal
TheSilverJournal's picture

This sounds a lot like Obama: "The public is not paying close attention to the ins-and-outs of how a Treasury auction goes...they shouldn't"

Sat, 11/17/2012 - 14:35 | Link to Comment onebir
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"...we're paid to worry about it."

A timeless classic.

Sat, 11/17/2012 - 16:25 | Link to Comment Vampyroteuthis ...
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When official denial appears, it is SHTF time. Debt deflation implosion bitchez!!

Sat, 11/17/2012 - 16:55 | Link to Comment TheSilverJournal
TheSilverJournal's picture

Show me one bankrupt country's fiat currency that gained value when going bankrupt.

Sat, 11/17/2012 - 17:47 | Link to Comment TruthInSunshine
TruthInSunshine's picture

All the Fractional Reserve Central Banking captured governments' favorite song (that they love playing for their "contituents"):


Here's a little song I wrote
You might want to sing it note for note
Don't worry, be happy

In every life we have financial trouble
But when you worry you make it double
Don't worry, be happy
Don't worry, be happy now 

Ain't got no place to lay your head
Somebody came and took your bed
Don't worry, be happy

The BLS says inflation is 'bout 2 percent
They hedontically substituted a tent for your rent
Don't worry, be happy
Don't worry, be happy

The fiat printing is escalating
Your real income is falling & your living standard deflating
Don't worry, be happy
Don't worry, be happy

You went out for some gas, milk & bread
And then came home full of fear & dread
Don't worry, be happy
Don't worry, be happy

There's now talk of Fed Chairwoman Janet Yellen
If so tens of millions more will be communally gellin'
Don't worry, be happy
Don't worry, be happy now

oooh oooh oooh oooh oooh
la la la la lalalala la lala

la la la lalalala la la

Don't worry, be happy
Don't worry, be happy now

Sat, 11/17/2012 - 20:37 | Link to Comment Bicycle Repairman
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The translation is wrong.  It says "We intend wipe out all bond investor off of face of earth."

Sat, 11/17/2012 - 13:16 | Link to Comment Rainman
Rainman's picture

" What good fortune for governments that people do not think "

                          Adolf Hitler





Sat, 11/17/2012 - 13:28 | Link to Comment Mae Kadoodie
Mae Kadoodie's picture

Chip Diller, "Remain calm--all is well!"

Sat, 11/17/2012 - 13:08 | Link to Comment kaiserhoff
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Sat, 11/17/2012 - 12:51 | Link to Comment Motorhead
Motorhead's picture

Right, just like when someone says, "don't panic".



Sat, 11/17/2012 - 13:07 | Link to Comment LawsofPhysics
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Okay that made me laugh.  I remember my first trips to Russia when we were just getting things started.  As soon as the cabby, or a colleague, or a potential partner said "no problem" you knew you were fucked or at the very least there definitely was a problem.

Sat, 11/17/2012 - 13:28 | Link to Comment JPM Hater001
JPM Hater001's picture

Yeah, it's what I tell my wife when we are sailing and it's 8 feet deep and the depth gauge keeps dropping...

"Do not worry.  We will never hit the bottom."

Sat, 11/17/2012 - 14:25 | Link to Comment centerline
centerline's picture

Everytime I have used those words there has been at least a 50/50 chance of things really going wrong.  lol.  And I'm an honest guy.  For other folks it is a 100% certainty that screwing is a coming.

Sat, 11/17/2012 - 12:51 | Link to Comment apberusdisvet
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Hmmm.  Denial?  Delusion?  or a Setup?

Sat, 11/17/2012 - 12:52 | Link to Comment francis_sawyer
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As long as the roots are not severed... all is well & will be well... in the garden


Chauncey Gardener

Sat, 11/17/2012 - 14:34 | Link to Comment lipskid
lipskid's picture

I like to watch......

Sat, 11/17/2012 - 23:26 | Link to Comment StychoKiller
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"Life is a state of mind."

Sat, 11/17/2012 - 12:53 | Link to Comment q99x2
q99x2's picture

Just tell Bernanke. Fucker will buy them up in a heartbeat.

Sat, 11/17/2012 - 12:54 | Link to Comment Anglo Hondo
Anglo Hondo's picture

You bought Japanese government bonds?  Ho ho!  Don't panic, they are flammable, and will keep you warm if ignited.

Please, buy moar...


Sat, 11/17/2012 - 12:54 | Link to Comment Everyman
Everyman's picture

Get out your "Hitchhiker's Guide to the Galaxy" and make sure you have a towel!

Sat, 11/17/2012 - 12:57 | Link to Comment falak pema
falak pema's picture

when u are on the edge of fuku simmering cauldron what is a bond meltdown in comparison...don't worry, beeeee happyyyy!

Sat, 11/17/2012 - 12:58 | Link to Comment prains
prains's picture

all your reactors are belong to us, please do not worry

Sat, 11/17/2012 - 12:59 | Link to Comment Silver Bug
Silver Bug's picture

Wow now that is just sad.

Sat, 11/17/2012 - 13:02 | Link to Comment gould's fisker
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From the feudal people who gave the world "the tanto".  Subsequent announcement--we got some bad-ass knives for everybody bitchez.

Sat, 11/17/2012 - 13:03 | Link to Comment BigInJapan
BigInJapan's picture

Take it from me, if a Japanese person tells you not to worry, worrying is exactly what the fuck you should be doing.

Sun, 11/18/2012 - 08:13 | Link to Comment Vlad Tepid
Vlad Tepid's picture

The Japanese say don't worry about everything.  They also apologize when they do you favors and will refuse anything you try to give them three times, even if it's water in the desert.  This is the second time the Tylers have posted this and the Google translate effect just isn't funny.  In Japanese what they're saying neither an attempt at obfuscation or gallows's simply a statement.

Sat, 11/17/2012 - 13:05 | Link to Comment americanspirit
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Well, that is certainly a relief. For a moment there I was worried what might happen in a financial collapse.

Sat, 11/17/2012 - 13:07 | Link to Comment zilverreiger
zilverreiger's picture

Just like they handled Fukushima, so don't worry

Sat, 11/17/2012 - 13:08 | Link to Comment Mine Is Bigger
Mine Is Bigger's picture

Well, at least they have manners.

Imagine how bondholders would feel if they were told, "Don't worry!," instead of "Please do not worry."

So polite!

Sat, 11/17/2012 - 13:12 | Link to Comment BlackMagician
BlackMagician's picture

 "Okay people, move along, nothing to see here."

And if you don't...

Sat, 11/17/2012 - 13:10 | Link to Comment ISEEIT
ISEEIT's picture

The Japanese are so polite! I love it how they said "please". The U.S. Treasury would like just bloviate on about how "American treasury bonds are backed by the full faith and credit of the United States government....."

Sat, 11/17/2012 - 13:10 | Link to Comment JustPrintMoreDuh
JustPrintMoreDuh's picture

Who's raughing now?

Sat, 11/17/2012 - 13:11 | Link to Comment nmewn
nmewn's picture

Time to panic!

Sat, 11/17/2012 - 13:29 | Link to Comment JPM Hater001
JPM Hater001's picture

Now where did I put the panic button...

Sat, 11/17/2012 - 14:33 | Link to Comment imbrbing
imbrbing's picture

Hey y'all watch this!

Sat, 11/17/2012 - 13:11 | Link to Comment spanish inquisition
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"If everyone just smiles, a default will not hurt you"

Sat, 11/17/2012 - 13:17 | Link to Comment Honey Badger
Honey Badger's picture

We promise to pay you back as we will print the money. We do not make any promises as to what that money will buy.

Sat, 11/17/2012 - 13:27 | Link to Comment Beam Me Up Scotty
Beam Me Up Scotty's picture

Thats sounds like a quote from the Social Security administration in the not to distant future.  Or maybe they have already said it.

Sat, 11/17/2012 - 13:30 | Link to Comment ebworthen
ebworthen's picture

That is so Japanese, I love it.

The FED would try to type out a two page explanation using economic newspeak resplendent with charts, graphs, and pictures of the Capitol and Washington and the flag and politicians in suits and stacks of gold bars and smiling happy families.

"Please do not worry" is so much more elegant.

Sun, 11/18/2012 - 11:54 | Link to Comment Zero Debt
Zero Debt's picture

Indeed. Debt clocks are just not very polite. Especially not if you give it to someone as a gift. Definitely not a good gift. Especially not for weddings.

Sat, 11/17/2012 - 13:21 | Link to Comment dwdollar
dwdollar's picture

In other words... "Please don't panic and continue funding the Ponzi so it can be maintained."

Sat, 11/17/2012 - 13:23 | Link to Comment Josephine29
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I guess this debate has been triggered off by the LDP proposals for yet more monetary easing should they win the election. Here below is an article which describes how far they are willing to go.

"Let me illustrate from a speech by the head of the Japanese LDP Shinzo Abe.

We want to conduct monetary policy boldly, by taking into account the possibility of revising the Bank of Japan Act

Some care is needed here as “bold action” from Japanese politicians and officials is in my financial lexicon but revising the central banks legal structure had my antennae on full alert.Then Abe san explained. From the Japan Daily Press.

Shinzo Abe, the leader of the opposing Liberal Democratic Party (LDP) and most likely next Japanese Prime Minister, made a statement on Thursday that he wants the Bank of Japan to encourage lending by setting its interest rates to zero or sub-zero.

He has also called for “unlimited” monetary easing from the Bank of Japan which is an interesting concept for an organisation that is in the middle of so-called  Quantitative Easing number 9 which replaced the former QE8 after only about six weeks. Apparently the extra 11 trillion Yen represented by QE 9 is not enough for Abe san who has called it “meaningless”. No wonder he also wants to change the Bank of Japan Act!"

Sat, 11/17/2012 - 13:27 | Link to Comment fnord
fnord's picture

..edit, very late to the party...

Sat, 11/17/2012 - 13:27 | Link to Comment Non Passaran
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Wolf or one of other contributors wrote about this last year, no?

It's funny how this gets ridiculed more than everyone else's approach when in fact there is no difference. As many have said Japan may be (relatively) better off because most bonds are domestically owned.

Sat, 11/17/2012 - 13:54 | Link to Comment Tyler Durden
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You may want to double check that particular quite popular conventional wisdom misconception:

Source: Japan MOF

Sat, 11/17/2012 - 14:31 | Link to Comment onebir
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But what about Japanese banks and life insurers?

Sun, 11/18/2012 - 08:20 | Link to Comment Vlad Tepid
Vlad Tepid's picture

I'm a total novice at high finance, but if by "retail investors" this means only non-Japanese buyers, at 35 trillion yen, it still represents less than a fourth of the total outstanding JGB...WAY less than any other developed country.

Sat, 11/17/2012 - 13:42 | Link to Comment Under construct...
Under construction...'s picture

This, from the same people who "handled" the Fukishima disaster.

Sat, 11/17/2012 - 13:43 | Link to Comment Cheesy Bastard
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How you pay?  How you pay?

Sat, 11/17/2012 - 13:49 | Link to Comment The.Oracle
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"Don't worry, subprime is contained"

Sat, 11/17/2012 - 13:52 | Link to Comment Invisible Hand
Invisible Hand's picture

That's why I prefer government bonds over gold.

Gold is backed by nothing (I heard it on TV!) while government bonds are backed by the full FAITH and CREDIT of the government.

They have always been faithful (to their own interests) and we know their credit is good, don't we?


Sat, 11/17/2012 - 13:53 | Link to Comment prains
prains's picture

If Bass is back out on the streets talking about Japan it could be getting interesting. His analysis is spot on but timing is the blind spot. Tied to the Grexit, Japan will flame out and American geopolitics will become the lynch pin in an asian meltdown. The middle east is about to go boom and europe is soon to pop. All three at once and China gets to sit back and watch, we are fucked.

Sat, 11/17/2012 - 13:53 | Link to Comment news printer
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Kenyan airline grounds fleet over South Sudanese forex crisis

Forex crisis - South Sudan's oil shutdown has claimed the fortunes of Kenya's medium-sized regional airline, Jetlink Express, which was forced to ground nearly eight aircraft for up to four months over a US$2 million financing crisis.

Sat, 11/17/2012 - 13:58 | Link to Comment FeralSerf
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The Fed will buy the JGBs if necessary and the BoJ will buy the the USTs too all with newly created dollars and yen.

Sat, 11/17/2012 - 14:14 | Link to Comment markar
markar's picture

So what happens when the Fed has the entire worlds's toxic assets on it's books? My head is exploding.

Sat, 11/17/2012 - 14:14 | Link to Comment supafuckinmingster
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Herro prease....!

Sat, 11/17/2012 - 14:38 | Link to Comment The big unzip
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Eat, drink and be merry, for tomorrow we die.

Sat, 11/17/2012 - 16:50 | Link to Comment in4mayshun
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Correction, tomorrow you get cancer, then the medical industry bleeds you and your medical insurance of every last dime for 3-5 years...then you die.

Sat, 11/17/2012 - 15:14 | Link to Comment AnAnonymous
AnAnonymous's picture

Is it a repeat or a new message?

Sat, 11/17/2012 - 16:05 | Link to Comment jonjon831983
jonjon831983's picture

lol thanks for the reminder:


So more action coming about?

Sat, 11/17/2012 - 16:13 | Link to Comment edb5s
edb5s's picture

"If you're going to panic, panic early."

Sat, 11/17/2012 - 16:53 | Link to Comment bugs_
bugs_'s picture

Please consider it is already too late to worry.

PS:  I bet the Fed owns a shimaload of Japanese debt.

Sat, 11/17/2012 - 18:53 | Link to Comment ShakaZulu
ShakaZulu's picture

"Please do not worry."  Mothra is aware of problem and will death ray it.

Sat, 11/17/2012 - 23:40 | Link to Comment technicalanarchy
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Best quote of the year. "Please do not worry" that's the best! I'm changing my company slogan! Stealing that bitch out right.

Wait is that the greatest Haiku ever?!? I want to hear it in Japanese.

Sun, 11/18/2012 - 11:54 | Link to Comment Overflow-admin
Overflow-admin's picture

Japanese Official Advice:

In case of panic, do not panic.

Sun, 11/18/2012 - 11:57 | Link to Comment Zero Debt
Zero Debt's picture


Sun, 11/18/2012 - 17:11 | Link to Comment neutrinoman
neutrinoman's picture

Most likely is for domestic rates in Japan to not rise much, but for a sharp drop in the yen.

Mon, 11/19/2012 - 18:42 | Link to Comment mackeyreport
mackeyreport's picture

Don't worry y'all. You can eat the bond certificates, another advantage over gold!

Do NOT follow this link or you will be banned from the site!