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USDJPY Slammed After G-7 Official Says Statement "Misinterpreted"

Tyler Durden's picture




 

First domestic fiscal policy, and now global monetary policy has become an utter circus:

  • G7 OFFICIAL SAYS G7 STATEMENT WAS MISINTERPRETED, STATEMENT SIGNALED CONCERN ABOUT EXCESS MOVES IN JAPANESE YEN
  • G-7 OFFICIAL: G-7 CONCERNED ABOUT UNILATERAL GUIDANCE ON YEN
  • G7 OFFICIAL SAYS G7 IS CONCERNED ABOUT UNILATERAL GUIDANCE ON THE YEN, JAPAN WILL BE IN SPOTLIGHT AT G20 MEETING IN MOSCOW

We already mocked the G-7's original stupidity... and now they say it was not what they meant. Because what the G-7 clarification really means it that while the G-7 will supposedly "allow the market to set rates", the G-7 was not happy with how the market set rates following the G-7 statement. And... #Ref!

This also means that the US Treasury which officially was prodding the Yen weaker yesterday has split off from the rest of the group, or call it G-6, which it appears is quite concerned about the Yen weakness, although technically since Japan is in there too, it is more like G-5, not to be confused with the private jet that is carting all the world leaders to Moscow. In such a perfect storm of sheer communication chaos, it is only a question of time before we move into outright protectionism, aka trade wars.

The USDJPY plunges first, asks questions later:

 

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Tue, 02/12/2013 - 10:06 | 3236359 Capitalist
Capitalist's picture

He who devalues first, devalues best. Classic Keynesian prisoner's dilemma.

Tue, 02/12/2013 - 10:07 | 3236362 LawsofPhysics
LawsofPhysics's picture

Indeed.  water, water, everywhere and not a drop to drink.

Tue, 02/12/2013 - 10:27 | 3236436 JPM Hater001
JPM Hater001's picture

"JAPAN WILL BE IN SPOTLIGHT AT G20 MEETING IN MOSCOW"

Yes, it will be an interesting strip tease show.

Tue, 02/12/2013 - 10:29 | 3236445 post turtle saver
post turtle saver's picture

"Take it down, take it all down, wooooo..."

Tue, 02/12/2013 - 10:33 | 3236455 GetZeeGold
GetZeeGold's picture

 

 

Calling on Slim Pickens.....let's do this.

http://www.youtube.com/watch?v=wcW_Ygs6hm0

 

Tue, 02/12/2013 - 10:09 | 3236368 zorba THE GREEK
zorba THE GREEK's picture

A trade war can be very harmful to a country that no longer manufactures anything.

Tue, 02/12/2013 - 10:16 | 3236395 LawsofPhysics
LawsofPhysics's picture

I'd argue the U.S. manufactures a lot of bombs, bullets, and other military hardware.  Now about all those natural resources...

Please...

It is and has always been about power and control of natural resources, period.  Wake the fuck up.

Tue, 02/12/2013 - 10:23 | 3236423 chubbar
chubbar's picture

OT, but here is what is being presented to the Supreme Court in 4 days (this comment was posted and removed a short time ago).

"As reported here Dr. Orly Taitz filed a petition with the Supreme Court of the United States for the Obama eligibility case Noonan v Bowen. It was submitted to Chief Justice John Roberts on December 26th, 2012, and on January 9th, 2013, the petition was referred to the full court and distributed for conference scheduled for February 15, 2013. Below is the supplemental brief just filed:

EXCERPTS FROM FILED BRIEF: SUPPLEMENTAL BRIEF OF NEWLY DISCOVERED EVIDENCE

Case at hand is scheduled to be heard on February 16, 2013 (15th) in a conference of all the justices of the Supreme Court of the United States.

This case came from the Supreme Court of California and was brought by Presidential Candidates: Edward Noonan, Thomas Gregory MacLeran and Keith Judd against the Secretary of the State of California, seeking to stay the certification of the votes for the candidate for the U.S. President Barack Obama due to the fact that the aforementioned candidate committed fraud when he provided his declaration of the candidate and when the Democratic party submitted the certificate of the nomination due to the fact that Barack Obama is not eligible for the position, as he is not a Natural born U.S. citizen, as required by the U.S. Constitution Article 2, section 1, §5. The declaration of the candidate and the certification of the nomination were based on fraud, on Obama’s use of forged IDs, , stolen Connecticut social Security number 042-68-4425, use of a name that was not legally his use of Indonesian citizenship and based on aiding and abetting by corrupt governmental officials. most notable example of criminal aiding and abetting was signing by the chair of the Democratic Party of Hawaii Brian Schatz a falsified OCON (official certificate of nomination of a candidate) where the usual wording “eligible according to the provisions of the U.S. constitution” were removed in order to accommodate ineligible Obama.

Plaintiffs provided the Supreme Court of California and the Supreme Court of the United States with over 100 pages of official records, sworn affidavits of senior law enforcement officials and experts showing that Barack Obama is:

1. A citizen of Indonesia, as listed in his school registration #203 from Assisi school in Jakarta Indonesia. As a citizen of Indonesia Obama was never eligible and never legitimate for the U.S. Presidency.

2. Obama is using last name not legally his. Plaintiffs provided this court with the passport records of Stanley Ann Dunham, deceased mother of Barack Obama, showing that he is listed under the last name Soebarkah in her passport. He was removed from her passport in August of 1969 pursuant to the request and sworn statement of Ms. Dunham and signed by the U.S. consul in Jakarta Indonesia. As the requirement for removal as listed in the passport, is obtaining a foreign allegiance, it is believed that Barack Obama Soebarkah was removed from his mother’s passport when he obtained his Indonesian passport. Barack Obama cannot not serve as a U.S. president as the legal entity Barack Obama does not exist. The only legal entity based on the only verifiable record is Barack Obama Soebarkah.

3. Obama does not have a valid U. S birth certificate. Plaintiff provided affidavits from Sheriff of Maricopa County Arizona Joseph Arpaio, Investigator Zullo, experts Felicito Papa, Douglas Vogt, Paul Irey, showing that the image posted by Obama on Whitehouse.gov is a computer generated forgery. When there is a question of authenticity of a document, the only way to authenticate, is to conduct expert evaluation of the original document. Registrar of the State of Hawaii and Director of Health and Deputy Attorney General of Hawaii in charge of the Health Department were obstructing justice and absolutely refused to comply with any subpoenas and produce the original 1961 birth certificate and as such there was never any authentication of the alleged birth certificate. After 4 years of obstruction of Justice, it is clear that the Hawaiian officials have nothing to show and genuine 1961 birth certificate for Barack Obama simply does not exist.

Obama does not have a valid Selective Service certificate. Based on the affidavit of Sheriff Arpaio and investigator Zullo, alleged copy of Obama’s Selective Service Certificate, is COMPUTER GENERATED FORGERY. In this supplemental brief Plaintiffs are providing additional evidence, a sworn affidavit from the Chief investigator of the Special investigations unit of the US Coast Guard (ret) and former special agent of the DHS Jeffrey Stephan Coffman who attested under the penalty of perjury that Obama’s alleged selective service registration is a forgery.

Plaintiffs submitted with their TRO and complaint the Affidavits of Sheriff Arpaio and investigator Zullo and as a supplement an affidavit of the Chief Investigator of the special investigations of the US Coast Guard Jeffrey Stephan Coffman. Based on those affidavits Obama’s alleged application for the selective service is a forgery. According to 5 USC § 3328.every man born after 1959 has to register with the Selective Service and cannot work in the executive branch if he did not register with the selective service. [...]

#4 IN CONCLUSION:

4. Justices Kagan and Sotomayor should recuse themselves from this consideration due to the fact that they are appointees of Barack Obama and if the court rules that he was not eligible for office, their very nomination becomes questionable, as such their opinion might be biased. [...]

Tue, 02/12/2013 - 10:07 | 3236360 Super Broccoli
Super Broccoli's picture

what a joke ! how lame can we be ?

Tue, 02/12/2013 - 10:08 | 3236366 Tsar Pointless
Tsar Pointless's picture

Stay tuned. You'll get your answer.

Tue, 02/12/2013 - 10:07 | 3236361 FLUSA.com
FLUSA.com's picture

Currency Wars, Trade Wars, then Real Wars --- Gerald Celente

Tue, 02/12/2013 - 10:12 | 3236383 Tsar Pointless
Tsar Pointless's picture

Phase 1 underway.

Phase 2 on deck.

Phase 3 in the dugout searching for its favorite bat.

Tue, 02/12/2013 - 10:23 | 3236425 Ness.
Ness.'s picture

But, but but... but what about Storage Wars?  I love that show.

 

 

Tue, 02/12/2013 - 10:09 | 3236367 Cdad
Cdad's picture

G-7 OFFICIAL: G-7 CONCERNED ABOUT UNILATERAL GUIDANCE ON YEN

Really?  You mean that the act of a govt. official simply telling a currency [or commodity or equity or bond] to price at a certain level is something that is concerning?  So the G-7 folks just figured out that there is no market anymore?  Welcome to the party, pal.

Tue, 02/12/2013 - 10:26 | 3236432 PeterLemonJello
PeterLemonJello's picture

+1 for the Die Hard reference

Tue, 02/12/2013 - 10:09 | 3236369 Quinvarius
Quinvarius's picture

LOL.  Fiat.  That this can happen is proof that it is valueless and dangerous to own.

Tue, 02/12/2013 - 10:24 | 3236427 Enslavethechild...
Tue, 02/12/2013 - 10:14 | 3236371 Super Broccoli
Super Broccoli's picture

it's hard to be a japanese these days, the Chinese and the Russians wants to steal your islands, a north korean spoiled fat kid whats to nuke you while your nuclear powerstation is already melting, old people just won't die and when you're devaluating your currency (actually due to the amount of government debt they have it should devaluate on his own ...) the americans whose crappy bonds you've been buying for ages and who are printing out of style blame you ! :-)

Tue, 02/12/2013 - 10:10 | 3236372 Stuart
Stuart's picture

Everything is now overtly political.   Gold, currency movements, econ figures.... Markets are more than ever political tools. 

 

Tue, 02/12/2013 - 10:10 | 3236373 Quinvarius
Quinvarius's picture

All that fiat slamming around the world like a loose cannon on the deck of ship.

Tue, 02/12/2013 - 10:10 | 3236374 Inthemix96
Inthemix96's picture

Shit hawks and Cunts.

Each man to the last with these fucking maniacs.

The truth will set you free fuckers??

Tue, 02/12/2013 - 10:12 | 3236382 cassotto
cassotto's picture

the truth will set you free? sounds like somn' those extremist muslims would say :P

Tue, 02/12/2013 - 10:21 | 3236416 bunnyswanson
bunnyswanson's picture

Box cutters bitchezzzz

http://www.youtube.com/watch?feature=player_embedded&v=yuC_4mGTs98#!

4.5 min

9-11 Conspiracy.

Tue, 02/12/2013 - 10:23 | 3236409 falak pema
falak pema's picture

only WB7 could make something funnier than this joker henpen.

I'm sorry, I don't think you have understood me; oh wait correction...I mean I don't think I said it correctly...now, now ,what I really mean is that well it could go all up like that Bafta award to Ben  or it could come down like Marion Cotillard's yellow dress. 

Tue, 02/12/2013 - 10:24 | 3236428 espirit
espirit's picture

Is it possible they can no longer differentiate between fact and fantasy?

It's beginning.

Tue, 02/12/2013 - 10:26 | 3236433 Inthemix96
Inthemix96's picture

Or I didnt "swallow that woman" Falak.

These buggers are beyond insane, they have transmorphified into general fucking lunatics and are hell bent on world domination of dominion.

Or they think they are Pinky and the "Brain".

Tue, 02/12/2013 - 10:10 | 3236375 cassotto
cassotto's picture

anything can look "slammed" if you zoom in enough, now zoom out, nothing happened

Tue, 02/12/2013 - 10:12 | 3236381 falak pema
falak pema's picture

hahaha...these guys are soo funny they can fool themselves...

Tue, 02/12/2013 - 10:12 | 3236386 Shizzmoney
Shizzmoney's picture

This is what happens when markets are driven by statements and lies, not fundamentals and math.

But the algos can't tell the difference between either.  Which is hilarious hyperbole.

Tue, 02/12/2013 - 10:13 | 3236387 edb5s
edb5s's picture

http://finviz.com/futures_charts.ashx?t=6J&p=m5

 

Fat finger yesterday right before 6pm?

Tue, 02/12/2013 - 10:14 | 3236396 youngman
youngman's picture

These guys get breakfast, lunch, and a very nice dinner and get to stay in a fancy hotel....and they come out with stuff like this....very funny...kind of

Tue, 02/12/2013 - 10:16 | 3236401 Tsar Pointless
Tsar Pointless's picture

They do two shows daily. Remember to tip well.

Tue, 02/12/2013 - 10:15 | 3236400 Quinvarius
Quinvarius's picture

I was told PMs are volatile.  LOL.  Jesus.  Bring out the body bags for all the bankers who stupidly assumed paper money was stable.  You can't even hedge business in this frankenmonetary system.  Don't forget how the USD flashcrashed this AM too.  This is the kind of stubborn stupidity ends global trade.

Tue, 02/12/2013 - 10:20 | 3236410 LawsofPhysics
LawsofPhysics's picture

I'd say that this is the kind of stubborn stupidity ends global trade and begets global war.  Some things never change.

Tue, 02/12/2013 - 10:28 | 3236443 Quinvarius
Quinvarius's picture

Makes me wonder if that China mobilization was not in part a response to the Yen devaluation and the effect it had on their bonds.

Tue, 02/12/2013 - 10:27 | 3236434 Water Is Wet
Water Is Wet's picture

I officially don't get what they thought they were saying that somehow got misinterpreted.  This is high school banker gossip, again.

Tue, 02/12/2013 - 10:27 | 3236437 spastic_colon
spastic_colon's picture

interpretation.......US equities up 1/2% today

Tue, 02/12/2013 - 10:38 | 3236465 Downtoolong
Downtoolong's picture

G-7 Official Says Statement "Misinterpreted"

You stupid people, why can't you understand my lies.

Tue, 02/12/2013 - 10:51 | 3236496 NotApplicable
NotApplicable's picture

Algos, not people. They're too apathetic to know to care.

Tue, 02/12/2013 - 10:51 | 3236466 kookaburra
kookaburra's picture

From Libremercado (Spain):

"On the day of the visit of the President of the ECB, Mario Draghi, at the Spanish Congress,  many mobile and fixed phones in the place do not work because of the potency of inhibitors, which today are fully operational.

 

The measure, which Congress justified by security reasons, coincide with the announced intention of some Congress members of informing Draghi's speech through social media, or even live broadcast via youtube.

 

Despite inhibitors, some of them have managed to hang some fragments of audio and video, of a meeting that was meant to be closed at the request of the President of the ECB."

 

http://www.youtube.com/watch?v=slcCbMKmsoc&feature=youtube_gdata

Tue, 02/12/2013 - 10:44 | 3236473 Sach Mahoney
Sach Mahoney's picture

Japan is the trigger that starts of wave of national failures, much like how the banks crumbled here, except there are not enough trees for central banks to shred to bail out the upcoming mess.  Japan is the closest to implosion and as Japan goes, so does the rest of the fiat currencies. 

Tue, 02/12/2013 - 10:57 | 3236518 Shizzmoney
Shizzmoney's picture

Japan has been in something like a depression for twenty years.It's more than a recession.......but yet people still have food, shelter, limited job opportunity.  A "limpcession" would be the best way to describe it, since you can't technically say its "stagnation" due to the fact the Nikkei is up (sound familiar?).

But where’s their Occupy? Instead, they have a new word—hikikomori—to describe the phenomenon of young men and women who refuse to leave their bedrooms, and the shame-ridden parents who try to keep it all under wraps.

These kids did what a generation must never do: they’ve internalized the judgment of "the free-market", a horrible and depressing process currently playing out among the millenial and 55-and-over unemployeds over here, as they head into Year V of the fail that is the US economy.

 

Tue, 02/12/2013 - 10:50 | 3236495 bigkahuna
bigkahuna's picture

zzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzz.............

Tue, 02/12/2013 - 11:12 | 3236580 VonManstein
VonManstein's picture

SO you all realise the YEN is the only thing supporting the USD thats why the US Treasury feels different about the situation.

If the yen comes down gold will lift off and that HS in DXY will complete a la USDSEK USDNOK

Tue, 02/12/2013 - 11:13 | 3236586 847328_3527
847328_3527's picture

when the dollar hits 120 yen then maybe...just maybe I'll visit Japan. It's a beautiful country but way too expensive still.

 

Tue, 02/12/2013 - 11:17 | 3236594 moneybots
moneybots's picture

"We, the G7 Ministers and Governors, reaffirm our longstanding commitment to market determined exchange rates..."

 

Isn't that special.  Snow said we had a strong dollar policy, while he was trashing the dollar.  G7's words are nothing but a fraud.

Tue, 02/12/2013 - 11:25 | 3236621 Herdee
Herdee's picture

If 042-68-4425 is not Obama's Social Security number,then who does that number belong too?As well,you can bet that there are a lot of illegal immigrants that are dumb enough to use that number in order to get by for awhile.I can see it now  - some government worker wondering if Obama is working part-time at a California farm laboring job.

Tue, 02/12/2013 - 11:27 | 3236625 Meat Hammer
Meat Hammer's picture

Real, free market economies with sound money don't fall victim to misinterpretations, out-of-context statements, or media bias.

The butcher doesn't say, "Oh you took me out of context when I said I was out of tri tip.  I really have a fucking shitload of tri tip, it just looks like horseburger and I think that other customer's silver is more valuable than your silver, and, by the way, you're an asshole with an ulterior motive!  Prepare to defend your home because when I close this butcher shop for the day, I'm coming over to burn your shit down!!!"

But I'm probably just being paranoid. 

Tue, 02/12/2013 - 14:20 | 3237210 Joebloinvestor
Joebloinvestor's picture

G7 just another version of the EU "austerity" crew, meeting and dining in 5 star places while deciding the fate of everyone else.

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