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Yen Plunges As Uber-Dove Kuroda Set To Head Bank Of Japan

Tyler Durden's picture




 

In our prediction two weeks ago of who the next Bank of Japan governor was likely to be, we said that "the tussle lies between a slightly less dovish bureaucrat in Toshiro Muto (favored by the opposition) and a banker, Haruhiko Kuroda, who is a front-runner in Abe's camp.... we suspect Abe will err on the side of uber-dovish to fight the currency wars alongside him." Sure enough, the uber-dove Kuroda, not to be confused with the Yankees pitcher, is now set to become BOJ governor.

From Reuters, "Japan's government is likely to nominate Asian Development Bank President Haruhiko Kuroda, who has called for pumping more money into the economy, as its next central bank governor, the Nikkei newspaper reported on Monday. Kuroda, formerly Japan's top currency diplomat, has already been offered the post unofficially by the government, which plans to submit its nominees for three BOJ leadership posts to parliament this week, the paper said. Kikuo Iwata, an academic known as one of the most vocal advocates of aggressive monetary expansion, is likely to be nominated as deputy BOJ governor, the Nikkei said without citing sources."

The other deputy BOJ governor post will probably be filled by a central banker, most likely BOJ Executive Director Hiroshi Nakaso, who now oversees the central bank's international operations, the paper said. Kuroda, 68, has been considered a strong candidate to replace current BOJ Governor Masaaki Shirakawa, whose term ends on March 19, because of his extensive experience at the Finance Ministry and in international policy. He has long called on the BOJ to set an inflation target and pump more money into the economy through purchases of government bonds and risky assets.

And just as expected, Mrs. Watanabe is replaying the old news once more, even though it has been extensively priced in by most, and the Yen is once again re-re-re-plunging on the non-news.

And just as sure - the price of LNG in Japan is about to go uber ballistic as the cost of imported energy hits fresh daily records.

 

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Sun, 02/24/2013 - 15:39 | 3271981 DoChenRollingBearing
DoChenRollingBearing's picture

It's all cool.  Our MBS bearings for Peru will get cheaper then.

Sun, 02/24/2013 - 15:43 | 3271992 Sudden Debt
Sudden Debt's picture

and as a USP or UBP you can add that thanks to gamma radiation, they're mostly bacteria free AND glow in the dark!!

Sun, 02/24/2013 - 15:49 | 3272004 Divided States ...
Divided States of America's picture

The effin Japanese citizens wont do shit...their loyalty to their government is just amazing, they will die for their government. Thats why this coordinated central bank currency war begins in Japan. They can really devalue the Yen and the Japanese people wont do shit about it.

Sun, 02/24/2013 - 15:53 | 3272027 DJ Happy Ending
DJ Happy Ending's picture

If you replace Japanese with American and Yen with Dollar, your description applies perfectly to the sheeple and situation in the USA.

Sun, 02/24/2013 - 15:59 | 3272044 McMolotov
McMolotov's picture

As hopeless as it seems here, we'll at least have riots and shit. The Japanese will slowly die of starvation before they take to the streets. Suicide is a time-honored tradition in their culture, especially when it comes to a no-win scenario.

Sun, 02/24/2013 - 16:06 | 3272065 Divided States ...
Divided States of America's picture

the Japanese like to do things the Kamikaze way

Sun, 02/24/2013 - 16:26 | 3272105 kaiserhoff
kaiserhoff's picture

Hell yes.  First fuck-you-shima and now let's piss away the currency.

At least the glow in the dark sushi will be cheap.

Mon, 02/25/2013 - 00:35 | 3273135 Treason Season
Treason Season's picture

Misogynists spell it Fuk U She Ma.

Sun, 02/24/2013 - 16:23 | 3272097 smlbizman
smlbizman's picture

we will only have riots if the lakers or pistons win the title....

Sun, 02/24/2013 - 16:48 | 3272139 dwdollar
dwdollar's picture

Let's test that theory...

Let's pick a social program and take it away.

Sun, 02/24/2013 - 17:22 | 3272204 GMadScientist
GMadScientist's picture

I pick TARP.

Sun, 02/24/2013 - 17:31 | 3272224 kaiserhoff
kaiserhoff's picture

Section 8 Housing;)

Sun, 02/24/2013 - 18:25 | 3272307 GMadScientist
GMadScientist's picture

Oooh...a real estate investor riot; sounds really scary. Lulz.

Sun, 02/24/2013 - 18:41 | 3272376 kaiserhoff
kaiserhoff's picture

Section 8 is free housing, utilities, cable TV for the Obama voters, and yeah, it would get interesting.

Sun, 02/24/2013 - 21:14 | 3272692 GMadScientist
GMadScientist's picture

I know what it is. And where the money goes (aka it's reason for existence).

Making those people homeless would hurt the collectors of said "free" rent as their apartment complexes in the shittiest neighborhoods sit empty.

They all have teats to suck, but you only see the "Obama voters" (as if there are no Section 8 developments in red states...lol).

Why is that?

Sun, 02/24/2013 - 21:44 | 3272759 dark pools of soros
dark pools of soros's picture

the poor are just a straw to suck tax dollars to the rich

Mon, 02/25/2013 - 08:31 | 3273515 kaiserhoff
kaiserhoff's picture

Maybe because some precincts in Philly voted 130% for the Stalinist.  Now that's loyalty, to EBT.

Sun, 02/24/2013 - 16:03 | 3272049 francis_sawyer
francis_sawyer's picture

So I guess this means we should expect more "knucklers", & "folly floaters"...

~~~

http://www.youtube.com/watch?v=WFvp7kMraAw

Sun, 02/24/2013 - 20:38 | 3272620 WmMcK
WmMcK's picture

Just watch out for the "Hesitation Hummer".

"I've never seen anyone get a hit off that Hesitation Hummer"

-- Frank Messer

Sun, 02/24/2013 - 16:05 | 3272057 DoChenRollingBearing
DoChenRollingBearing's picture

@ Divided States

Some of those loyal citizens are loyal to our company in Peru.

Pluses and minuses, as in so many things.  When I was there last May visiting our bearing supplier, I felt confident in them that they would do us right more than I ever felt from Timken (the US's only world scale bearing maker).

Same with our partners in Korea.

Whatever problems Asian countries may have, their loyalty to solid partners has a big upside as well.  That is our experience, FTW.

Sun, 02/24/2013 - 16:54 | 3272151 Freddie
Freddie's picture

American idiots who watch TV and Hollywood are just as brainwashed.  If you watch it, you support it.

Sun, 02/24/2013 - 15:56 | 3272037 DoChenRollingBearing
DoChenRollingBearing's picture

Yo, Sudden Debt!  Maybe those gamma rays will help protect the grease from deteriorating.  Kill germs and all.  If the bearings glow a bit, that might help the mechanics mount them better on the wheels during the night shift...

Sun, 02/24/2013 - 15:43 | 3271993 Motorhead
Motorhead's picture

HIE!

Sun, 02/24/2013 - 16:49 | 3272145 francis_sawyer
Sun, 02/24/2013 - 17:01 | 3272163 Motorhead
Motorhead's picture

I remember Ultraman and Johnny Socko...now their super hero is Abe, hehe.

Sun, 02/24/2013 - 21:42 | 3272753 StychoKiller
StychoKiller's picture

What, ya don't remember Action Bastard? (Shin-Chan)

Sun, 02/24/2013 - 15:43 | 3271994 Bear
Bear's picture

When there is no consequence for more money printing ... why stop?

Sun, 02/24/2013 - 15:50 | 3272015 HappyCamper
HappyCamper's picture

If the Yen falls into hyperinflation, could that then be the black swan the pushes the USD into hyperinflation?  We're all holding dollars of fiat backed by nothing but "faith and credit", and this is a game of confidence, after all.

Sun, 02/24/2013 - 15:52 | 3272021 fonzannoon
fonzannoon's picture

If the yen falls into hyperinflaton how would that push the usd into hyperinflation? I see the opposite....

Sun, 02/24/2013 - 16:12 | 3272077 HappyCamper
HappyCamper's picture

I don't mean good for the USDJPY traders who are long on the dollar.  Of course this event is bullish for the dollar relative to the Yen.  But this can't be good for confidence in the US dollar as a general safe haven for wealth. The US has adapted the Japanese economic model, after all.   Can we soon expect an acceleration of hyperinflation in commodities, oil, land, etc?

Sun, 02/24/2013 - 16:28 | 3272107 kaiserhoff
kaiserhoff's picture

Works until it doesn't.

Sun, 02/24/2013 - 17:20 | 3272198 css1971
css1971's picture

Actually I expect a flight to the dollar and another recession in the US first.

Sun, 02/24/2013 - 15:49 | 3272005 DavidC
DavidC's picture

Fucking idiots are guaranteeing an implosion soon.

DavidC

Sun, 02/24/2013 - 15:56 | 3272038 Divided States ...
Divided States of America's picture

I agree...but somehow the bankers will end up winning and the rest of us are the losers...

Sun, 02/24/2013 - 16:02 | 3272059 McMolotov
McMolotov's picture

How can you say that?

"Kikuo Iwata, an academic known as one of the most vocal advocates of aggressive monetary expansion..."

He's AN ACADEMIC, for fuck's sake. Nothing can possibly go wrong.

Sun, 02/24/2013 - 17:21 | 3272201 Spigot
Spigot's picture

Kyle Bass in the cat bird seat AGAIN, Bitchz!

Sun, 02/24/2013 - 17:56 | 3272277 disabledvet
disabledvet's picture

again? you mean "finally"...and we will still see about that. certainly if we go "by the numbers" he seems pretty well Sprott on. But that yen is still quite strong...and has been doing nothing but showing strength for a decade or more. i find the whole "energy meme" overstated...as well as the theory that the Japanese are incapable of protest (my understanding is that the anti nuclear element in Japan is VERY powerful...all the more so in being understated. I am no expert however.) I think the only obvious winner is the US dollar...and clearly it's not because "we're doing everything right." http://vimeo.com/51499272

Sun, 02/24/2013 - 15:50 | 3272008 tallen
tallen's picture

UK downgraded, Retarded-dovish head of the BOJ appointed. Where will gold open, that's what I want to know!

Sun, 02/24/2013 - 19:03 | 3272424 tallen
tallen's picture

And it opens down. *Head explodes*

Sun, 02/24/2013 - 22:11 | 3272817 DoChenRollingBearing
DoChenRollingBearing's picture

Paper gold...  The real thing is worth much more than the paper.  Give it time.

Sun, 02/24/2013 - 15:50 | 3272013 JustObserving
JustObserving's picture

Money printing all over the world and yet gold and silver get hammered everyday.  The fraud gets larger everyday.

Sun, 02/24/2013 - 16:12 | 3272078 Pseudo Anonym
Pseudo Anonym's picture

that's for the muppets

gold and silver get hammered everyday

just like there are financial dark pools and shadow banking, there are shadow gold markets that do not reflect the staged kabuki you refer to.  there's war for gold behind the scenes and the hofjuden are winning it - for now.

Sun, 02/24/2013 - 17:18 | 3272175 css1971
css1971's picture

Just think about what you're saying. I've modified it for you.

Money printing all over the world and yet gold and silver get hammered in USD everyday.

If you look at gold, it is simply mirroring the USD index.

2 charts for you to flip:

Gold (GLD)

USD Index (UUP)

People are escaping their local currencies and buying USD. Wouldn't worry much about gold in dollars, the dollar can't afford to appreciate vs the world for very long.

I could point out that the GBP chart looks similar to gold.

USD/GBP

Which means gold is trading substantially as an alternative currency, not just tradition. This is a good thing, not a bad one, particularly if you're USian.

Basically the race to debase hasn't hit the dollar yet.

Sun, 02/24/2013 - 17:46 | 3272255 max2205
max2205's picture

Ung to the moon?

Sun, 02/24/2013 - 15:50 | 3272014 Itch
Itch's picture

Here we go again, they still have not spent a penny, yet the pantomime of possibility and expectation is expertly played out act after act. The wheel of the CB rumour mill is in full spin; they could even choose a cryogenic copy of Keynes himself and put him up for election...but until he starts shovelling the cash into the fire, its all but a dream.

Sun, 02/24/2013 - 18:31 | 3272354 Orly
Orly's picture

I say sell the news on yen pairs.

Watch copper and the implosion of the Australian dollar, if it comes to that.

All talk, no action.  One man's name gives back four hundred pips.

Riggggggggggggght...

:D

Sun, 02/24/2013 - 15:52 | 3272026 walcott
walcott's picture

more like steal even more money from the once middle class that are now broke and give it to the just us criminal banking clumsy pedophile religious cult.

Sun, 02/24/2013 - 15:55 | 3272032 Dan The Man
Dan The Man's picture

Think of all the japanese baseball teams paying their yank imports in $US...ow

Sun, 02/24/2013 - 15:55 | 3272034 Black Markets
Black Markets's picture

So in this (allow me to coin a phrase) 'new normal' world, Central Banks are in a state of aggressive competition with one another to inflate away their deficits.

Oh my god!

Sun, 02/24/2013 - 16:16 | 3272087 HappyCamper
HappyCamper's picture

Early 1930's all over again, but exponentially more aggressive this time it appears.

Sun, 02/24/2013 - 16:20 | 3272058 tickhound
tickhound's picture

LOL Currency wars fought just like freaking Gallipoli 100 years ago.

The solution to the shower of machine-gun fire is to send MORE TROOPS INTO THE FRAY!

Stop as soon as everyone is dead...

Some new "founders" need to find a way to Blitzkrieg our way AROUND this.  Crash the system and conquer France in two weeks.

Sun, 02/24/2013 - 16:04 | 3272062 holdbuysell
holdbuysell's picture

Recycling expensive LNG into cheap exports, losing $5 on each export.

At least they have a chance to make it up on volume. /s

Sun, 02/24/2013 - 16:05 | 3272063 francis_sawyer
francis_sawyer's picture

I can't wait until I can get Asahi "Super Dry" for the price of PBR...

Sun, 02/24/2013 - 16:10 | 3272072 Divided States ...
Divided States of America's picture

you mean Asahi Super Toxic

Sun, 02/24/2013 - 16:13 | 3272081 francis_sawyer
francis_sawyer's picture

Natty Boh... from the rand of PRESENT RIVING

Sun, 02/24/2013 - 17:24 | 3272208 GMadScientist
GMadScientist's picture

That and Sapporo...worst hangovers I've ever had...I'd rather drink six Long Island teas.

Sun, 02/24/2013 - 16:05 | 3272064 Jason T
Jason T's picture

Japs may well be buyers of US stocks.. :/  

Sun, 02/24/2013 - 16:12 | 3272076 e_goldstein
e_goldstein's picture

Q: What do the Yankees and central bankers have in common?

A: They both suck.

Sun, 02/24/2013 - 21:20 | 3272710 GMadScientist
GMadScientist's picture

Both owned by Chase and the rest of the criminal cartel.

Sun, 02/24/2013 - 16:22 | 3272096 jeff314
jeff314's picture

Bukkake for japan people!

Sun, 02/24/2013 - 16:26 | 3272104 buzzsaw99
buzzsaw99's picture

And because of this everyone here expects Japanese rates to rise just like they expect them to do in the USA. [/uber sarc.] LMAO to infinity.

Sun, 02/24/2013 - 16:27 | 3272106 joego1
joego1's picture

Blow up your money

Throw away your paper

Eat a lot of peaches

And try to find Jesus

On your own.

 

John Pryne??

Sun, 02/24/2013 - 16:40 | 3272122 orez65
orez65's picture

We have to get over this hyperinflation fear. It will "clear the air".

It happens regularly in Latin American countries.

And they go on.

It won't be the end of the world.

All yen (dollar) denominated assets will get wiped out.

All hard assets will still be there. Just different people will own them.

Pensioners will eat cat food for a while, some will kill themselves.

There will be riots.

A right wing dictatorship will take over the US government.

And is it all worth it?

Just so that Americans didn't have to bother learning what money is?

Just because it was easier to believe than to challenge their leaders lies?

Just because it was easy to believe in Keynes "alchemy", "... Money for nothing and chicks for free ... "

Just so that they elected a President that promised to close Guantanamo and instead made the US a bigger Guantanamo by signing the Military Defense Authorization Act.

Just so that the "exceptional" Americans could get "their" entitlements, like free cell phones.

Fuck you ass holes!

Sun, 02/24/2013 - 17:32 | 3272125 css1971
css1971's picture

And gold in Yen? For the rest of the world which doesn't operate in dollars, this is what gold is for.

FWIW you can see that here.

http://ycharts.com/indicators/gold_price_in_yen

Sun, 02/24/2013 - 17:31 | 3272190 Smegley Wanxalot
Smegley Wanxalot's picture

Look at the bright side: this means we can pick up used Gobots on the cheap now, plus discount lifelike love dolls!

Sun, 02/24/2013 - 17:17 | 3272192 which way weste...
which way western man's picture

Fat pussy toad

Sun, 02/24/2013 - 17:28 | 3272217 Spigot
Spigot's picture

Hull breach imminent. My friends, this is the beginning of a very difficult time. Pls do not under-estimate the effects this will have on global finance. The Japanese have pulled the trigger. They are committed and will do what they feel is best for them, as they have been doing what was best for everyone else and it hasn't worked for them. Japan will hyperinflate which will give everyone else an excuse to do the same. Bonds will implode. Derivatives will flash fry. The entire finanical system will be replaced by a smoking crater. THIS IS IT.

Sun, 02/24/2013 - 18:34 | 3272365 Orly
Orly's picture

"No, no!  Don't!"

"Why, what?"

"He said he's gonna jump!"

"Gonna jump?  How long's he been up there?"

"Four days."

 

:/

 

Seriously?  THIS IS IT?

Wow, man.  Get a grip, k?

Sun, 02/24/2013 - 20:18 | 3272584 Spigot
Spigot's picture

Enjoy the ride

Sun, 02/24/2013 - 18:48 | 3272388 negative rates
negative rates's picture

I wouldn't touch those if I were you Yogi, I wouldn't mess with that there if I were you Yogi.

What's the matter there Bo bo, it's just the old ace of space, controllin the controls.

Sun, 02/24/2013 - 19:24 | 3272467 steve from virginia
steve from virginia's picture

 

 

First of all, the currency market will set a price on the yen, there is little the BoJ can do to effect the much larger currency market. What the Japanese can do is try to peg the yen to another currency and buy/sell yen to maintain the peg. This is no panacea as pegs leave countries vulnerable to speculative currency attacks ... what passes for 'bond market vigilantes' in 2013.

 

Japan wishes to regain a current account surplus during a period when its customers have reduced means. How are a couple of goofy career bureaucrats that nobody has ever heard of going to convince Americans on food stamps to buy Japanese products ... when Chinese and other S. Asian varieties are cheaper? That is what the Japanese are tasked with accomplishing ... good luck with that.

 

Regardless of what Japan does and how cheap it's so-called 'products' are, its overseas customers are broke and unable to spend .. the reason why Japan's surplus became a deficit in the first place.

 

Whatever Japan gains by exports it loses by imports ... primarily more expensive fuel. What's underway in Japan is a variation on what has taken place in Greece: neither country can afford to borrow in order to import fuel: conservation by other means = the bankruptcy of Japan.

 

 

Sun, 02/24/2013 - 20:30 | 3272607 Orly
Orly's picture

The market will set the yen rate.  That's right.  It has been amazing to watch all these months as some guy's name is mentioned or an inflation target specified and the yen traders sell off yen like it's going out of style.

I've been waiting patiently and I may have just got my break...for a retracement of this silliness.

No one can step up to a podium, whip out an old stick, wave it in the air and say, "Wingardium Leviosa," and have the market do what they say...even if that's not Japanese.  It just doesn't work that way.

Sun, 02/24/2013 - 20:41 | 3272628 Yen Cross
Yen Cross's picture

 Hi stranger. The yen looks ready to punch up through 98. Those two weekly candles(August of 09) look good. Get ready for the short squeeze in Sterling.  :-D

Sun, 02/24/2013 - 20:46 | 3272635 Orly
Orly's picture

August of 2009?

Sterling's got a ways to go yet.  1.42?

AUDUSD is the scary one.  It needs to hold this wedge or it will zoom to the downside.

Sun, 02/24/2013 - 20:59 | 3272652 Yen Cross
Yen Cross's picture

 Last weekly charts (U/J) when you look back to current levels were 2009. (May 2010 high was  94.82) Sterling is due to rise. GB is not an export exonomy, and inflation will force the Gov. to reel in Inflation, while looking for more proactive ways to increase exports. The bad news is in and over discounted. The $ is way over bought!

Sun, 02/24/2013 - 21:17 | 3272703 Orly
Orly's picture

Yes, I saw the bull trap formation on the Dollar Index.

There is also an Adam and Eve bottom formed on the EURUSD H4, so the gains (DXY retrace...) may come from there.  I am not sure about the CHieF, as I haven't followed it but a quick glance at the Weekly chart says it might make .95.

There may be a short-term bounce in Cable but remember that Carney is going to come in and gobble up everything, same as he did in Canadia.  So, look for the ponzi Euro and the Swissie to carry the load off the DXY.

There's lots of reason why the bad news is not over for the UK; the main one being that most of their exports go to the Continent and no one is buying, no matter how cheap they get.

:D

Mon, 02/25/2013 - 03:38 | 3272833 Yen Cross
Yen Cross's picture

   I was going to mention GB's exports. Doesn't matter. As long as the M.E.(cl$'s) and E.M.'s stay hot they will rinse flows through Sterling. The bad news is in. The $ is too overbought and there needs to be some other release points.

 

   If you look at flows, they have reversed in February, back into Asia. The aussie dollar and yen to some degree took some pressure off. ACB's selling against them. Now the BoJ has a dove, and China is tightening. (reverse repos pulled). I like your Adam & Eve scenario (cute) You know how to spot price action, albiet an unusual definition. :-)

   You are doing well Orly. I'm looking into something else. She has a veil of purple. SHIT! Australian "Fire Dragon"

Sun, 02/24/2013 - 22:35 | 3272870 StychoKiller
StychoKiller's picture

Hmm, the Japanese should start selling Gundams...

Sun, 02/24/2013 - 21:58 | 3272731 robertocarlos
robertocarlos's picture

The Japanese have been buying all our finest cuts of meat. Let's see how they like bologna.

Sun, 02/24/2013 - 21:40 | 3272749 besnook
besnook's picture

the new improved pearl harbor. just what is the plan? japan's biggest trade partner is china. the yuan is tied to the dollar. the usa is significant because of the large current account advantage. japan will obviously have to pay more for energy but how much of that will be balanced by a much stronger dollar? which will rally if any one else follows japan's lead? don't you have to assume abe has talked to someone about the way they see this plan working out? that kuroda knows the plan and is on board with it? that there are contingencies in place or planned if the virus escapes the lab? or is that the plan? what did abe and obama talk about? is this plan in conjunction with the fed? to start an asian currency crisis that will smoke out the yuan/dollar peg? or was he warned or told this means war, a day that will live in infamy? do they plan on unleashing the quadrillion yen a-bomb? to solidify a devalued yen?

i am not an fx guy so i would appreciate some light on my perceptions. my personal feelings are that japan has lit out on it's own with a strategy they feel is right for japan in a sort of preemptive move that they feel was necessary on an environment where the first mover wins by suffering less as the leader of the pack.

Sun, 02/24/2013 - 21:40 | 3272750 shinobi-7
shinobi-7's picture

What we see in the data is not "armageddon" yet but a huge increase of the income gap. Those working for Toyota and related will do well, for the rest it is back to the Oshin days. But no revolution will ensue. You need starvation for that, not misery.

Sun, 02/24/2013 - 21:47 | 3272767 donpaulo
donpaulo's picture

never underestimate the ability of the Japanese public to endure whatever measures the government imposes on them.

Sun, 02/24/2013 - 23:51 | 3273014 hooligan2009
hooligan2009's picture

japan owns a large chunk of treasuries...but then it would..being a colony of the US..the race to debase means that it will also own many many more companies in the US..after all it can just print yen, sell it whatever, and secure the free cash flow from what remains as productive assets amongst the debris of socialism sponsored pregnant crack ho's. 

the race to debase will continue along the lines of..."I am the Fed and I can print money to the banks to ramp up share purchases for the world's free cash flow producing assets" and "I am the ECB I can print money for french, italian and german banks to but productive assets anywhere in the world".

slight problem...the free cash flow rate is diminishing closer to the inflation rate..and when food prices start jumping up to above 230 on the world food price index...people can either eat or pay off debt...governments can either pay off interest or fund EBT..not both..

 http://www.fao.org/worldfoodsituation/wfs-home/foodpricesindex/en/

anyway..the world's biggest "poseurs" are providing the nicest night out for the world's biggest sycophants..can't quite work up the energy to turn off the history channel and pull some toe nails out by the root ..so i can watch the nice people spend more in one night on feeding at the trough than some impoverished countries spend in a year on food. bleh!

Sun, 02/24/2013 - 23:52 | 3273018 hooligan2009
hooligan2009's picture

oh..and an FYI...the BoJ has no discretion to act on its own in the fx markets..it takes instructions from the Government (MoF).

Mon, 02/25/2013 - 03:42 | 3273310 Yen Cross
Yen Cross's picture

  The bottom is not in. It will be a 38.2% retrace off the original move. Orly is right. The move lower will be deeper.

   I'm cutting my losses I'n N.Y. pump and dump! ( I'm Lying)

      It's like aluminum poles during a windstorm on Lake Erie orly.

 

    You lost in translation/ Downgraded English  (hounds) actually think the yanks will give up our fire arms? Hold yer worthless heads up! > Pumpkin contest

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