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How Do You Spell "Irony" In Japanese?
Bank of Japan Governor Kuroda has managed to do it again. In his now daily missives on "deflation mindset being over", "economy is on the right track", "QQE is working", and his best yet "BoJ has no plan to finance government debt", Kuroda unleashed the ultimate idiocy last night when he proclaimed "it is desirable for FX to move in a stable manner." USDJPY has fallen over 2 handles for the biggest surge in JPY strength in 6 months... to which Amari noted "Kuroda didn't intend to move market with his remarks."
The biggest surge in JPY (drop in USDJPY) in 6 months!
Irony indeed.
Charts: Bloomberg
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Surprise!!!
just get on your knees, mr kuroda, and beg your occidental masters to please stop making you turn over whatever remains of your country's wealth. maybe they'll sympathize, but somehow I sincerely doubt that.
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Irony in Japanese: “Pless you crose”?
Hiniku
Tried to type that in Japanese but it didn't take...
The talk I'm hearing in Japan now is that the yen is due for a big move up. It can't be a return to fiscal sanity on Japan's part, so I guess they expect heavy Ctl+P action at the Fed.
How do you spell "Irony" in Japenese? I believe it has to be spelled "I-L-O-N-Y" in order to get the pronunciation collect...
Sum Ting Wong
Wi Tu Lo and Bang Ding Ow. Were not all three the pilots that landed short the runway in San Fran?
I think you can still youtube the news report.
I - L - O - N - Y
These people, Kuroda et al, are pathetic.
DavidC
Irony in Japanese is Hiniku
I thought it was Cesium
That would be vitamin cesium! Irony.
Another politician that doesn't realize the value of shutting up.
G7(-1) leaders to Kuroda, Abe: "It's our turn now."
Ilony ?
If he didn't mean to move it then he's in the wrong job. Bonkers.
??
"Irohnii"....
"chin ga chicchai meriken ha kokujin wo osorette kenjuu ga nakute ikiren" (approx.)
American penisu berry biggu. Japaniizu penisu rittoru, berry rittoru.
Do they all sleep in Carl Farbman designed dresser drawers
kuroda, and most central bank governors for that matter, are not stupid. however, some of them are desperate given that they have run out of policy tools to push markets around with. in japan's case, what has happened is that the yen has weakened further and faster than the BOJ had planned. they wanted an orderly descent to about USDJPY 120, and then for it to remain around that figure. instead, over the past few months it has blasted up to 125, at a pace which would see 130 before the end of the year even without the greek drama reaching the only conclusion plausible.
kuroda was performing "open mouth operations" i.e. OMO, which in the past decades went in the opposite direction. during the period of uncontrolled JPY strength killing exports, the BOJ would regularly give public speeches and media conferences to declare that the yen was too strong, they were closely monitoring the situation, and yen strength was unwarranted. in the past, OMO would have a 1-day effect (if any at all), after which the yen would continue to strengthen.
once the idiot wall-streeters figure this out, USDJPY will return to the pre-OMO level of 125 and likely test 130. GS has probably already figured it out and writing muppet reports in the opposite direction so as to accumulate a position, but everyone else are idiots and will need a few weeks. when greece defaults and/or exits the EUR consortium, there will be huge gyrations in USDJPY as it is no longer clear whether JPY is a risk-on or risk-off currency. ultimately, I think investors will look to the sovereign debt position of japan and realize that they could be the next sovereign to fail. if JGB yields continue to rise, everyone knows that it is impossible for japan to refi at higher rates... in an illiquid gap-move JGB yields could rise to 2%, driving USDJPY towards 150 and NIKKEI towards 30,000.
kuroda is actually a smart guy and has probably envisioned this scenario, and he's doing what he can to slow the process.