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The Bank Of Japan Is Coming!!! (Or, Most Likely, Not)

Tyler Durden's picture





 

Headline flashing now openly warning that the BOJ is preparing to intervene:

  • JAPAN PREPARES FOR CURRENCY INTERVENTION, NIKKEI SAYS
  • COORDINATED INTERVENTION MAY FOLLOW JAPAN ACTION: NIKKEI

We call complete bullshit on this. Never do central banks preanounce when they intervene. Never. This is merely more posturing by the toothless and completely powerless BOJ which now has resorted to spreading rumors in order to get the USDJPY higher. Ref: Philipp Hildebrand who has been crouched in a fetal position for the past 6 months in a continuous PTSD daze.

Sure enough:

  • NIKKEI REPORT ON INTERVENTION CITES NO SOURCES

Sorry. The knee jerk reaction will hold at most minutes.

 


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Mon, 08/01/2011 - 13:10 | Link to Comment Mongo
Mongo's picture

LOLBoat has arrived

Mon, 08/01/2011 - 16:13 | Link to Comment Use of Weapons
Use of Weapons's picture

LulzBoat, plx.

 

Get in tune with the times, grandpa.

Mon, 08/01/2011 - 13:12 | Link to Comment Ryman1075
Ryman1075's picture

Is this any different than the way that we (U.S.) puts out BS headlines for the algos to pick up on?

Mon, 08/01/2011 - 13:12 | Link to Comment r101958
r101958's picture

To central bankers: Oh! What a tangled web we weave when once we practice to deceive.

Mon, 08/01/2011 - 14:15 | Link to Comment Treason Season
Treason Season's picture

"The BOJ is Coming!"

Or as Martin Mull would say,

"Thank you for cumming or any other way you reacted."

Mon, 08/01/2011 - 13:15 | Link to Comment Rick Blaine
Rick Blaine's picture

The definition of insanity is doing the same thing over and over and expecting different results.

So, at least they are trying something different...

...which won't work.

Tue, 08/02/2011 - 05:25 | Link to Comment StychoKiller
StychoKiller's picture

How is propping up a fiat currency "something different??"

Mon, 08/01/2011 - 13:15 | Link to Comment Catullus
Catullus's picture

King World News weekly metals wrap talked about this over the weekend. Basically, the observation that the intervention following the earthquake/tsunami/Godzilla disaster has completely worn off and the yen cross is at the level to just prior to the last intervention. No doubt these are rumors, but the BOJ has lost so much credibility that whenever some screams intervention, they might as well just do it.

Mon, 08/01/2011 - 13:26 | Link to Comment Tyler Durden
Tyler Durden's picture

Fairly certain this was an observation first made about 4 months ago when the intervention wore off in about 4 weeks.

Mon, 08/01/2011 - 14:05 | Link to Comment Catullus
Catullus's picture

No doubt you guys called it. But the USDJPY did just trade below the multi-decade low.

Tue, 08/02/2011 - 05:29 | Link to Comment StychoKiller
StychoKiller's picture

I'm still learning a lot about the Forex markets, but even I understand that a country's economy has a lot to do with how a currency performs (or doesn't!).  Japan is still glowing blue, with lots of flotsam and jetsam laying around from the tsunami -- WHY/HOW is the Yen getting stronger?  Answer:  someone(s) dog-piling on Japan!

Mon, 08/01/2011 - 13:16 | Link to Comment Cassandra Syndrome
Cassandra Syndrome's picture

Steak and BoJ day bitchez....

Mon, 08/01/2011 - 13:17 | Link to Comment FunkyMonkeyBoy
FunkyMonkeyBoy's picture

Hmmmmm... i wonder where all these central banks get their monies from?

They seem to throw $billions around daily without a care in the world.

The owners of these central banks must be really rich... hmmm, i wonder who they are?

Mon, 08/01/2011 - 13:19 | Link to Comment slaughterer
slaughterer's picture

BOJ had already started to intervene before the announcement. 

Mon, 08/01/2011 - 13:29 | Link to Comment dizzyfingers
dizzyfingers's picture

One example: The world bank

"

  • Who owns the World Bank?
  • The Bank is like a cooperative in which 187 member countries are shareholders. For a complete list of our members and when they joined, see the Members page in the About Us section of our website.

    FAQs"

Mon, 08/01/2011 - 14:36 | Link to Comment Oh regional Indian
Oh regional Indian's picture

Dizzy, he is being sarcastic. FMB is pointing to the crew (Rothschilds et. al.) who own the whole thing.

And then some maybe.

ORI

http://aadivaahan.wordpress.com/2011/07/30/pre-cursor-01/

Mon, 08/01/2011 - 13:23 | Link to Comment buzzsaw99
buzzsaw99's picture

sushi not radioactive

 

that is all

Mon, 08/01/2011 - 13:23 | Link to Comment Flounder
Flounder's picture

I was raised by a toothless, bearded hag,
I was schooled with a strap right across my back,
But it's all right now, in fact, it's a gas!
But it's all right, I'm Jumpin' Jack Flash,
It's a Gas!  Gas!  Gas!

http://www.youtube.com/watch?v=-ttz-B8sm1Q&feature=related


Mon, 08/01/2011 - 13:23 | Link to Comment RobotTrader
RobotTrader's picture

Most CHF and JPY currency charts look like the Silver chart before it crashed.

Parabolic momentum cannot be sustained.

Mon, 08/01/2011 - 13:25 | Link to Comment swissaustrian
swissaustrian's picture

Wait for QE3 to see a real parabolic move in CHF/USD...

Mon, 08/01/2011 - 14:36 | Link to Comment Smiddywesson
Smiddywesson's picture

True Robo, when you are in a delta position and plummeting past the other sky divers, they appear to be rocketing skyward.

Wwwweeeeee!

Mon, 08/01/2011 - 13:24 | Link to Comment swissaustrian
swissaustrian's picture

Philipp Hildebrand aka SNB will not release similar statements.

But he´ll have to deal wth the huge real estate bubble over here in switzerland. Mortgage lending is totally out of control...

My advice: If you want a long term hedge against $ devaluation, don´t buy CHF, buy (physical) Gold.

Mon, 08/01/2011 - 13:28 | Link to Comment tahoebumsmith
tahoebumsmith's picture

You would think that after burning through the last 1.3 T yen they would realize this strategy doesn't work? Oh but that's right, that's the only strategy they got. The land of the rising sun is soon to be the land of the setting sun and their lost decade will become their lost Century or possibly even the lost civilization once the true aftermath of Fukushima sets in.

Mon, 08/01/2011 - 13:30 | Link to Comment scratch_and_sniff
scratch_and_sniff's picture

Japanese bankers are tucked up in bed for fuck sake, any intervention they will be doing is with their wives.

Mon, 08/01/2011 - 14:19 | Link to Comment Treason Season
Treason Season's picture

You repeatedly show your naivity. In Japan women are for babies ,men are for sex you bufoon.

Mon, 08/01/2011 - 17:37 | Link to Comment scratch_and_sniff
scratch_and_sniff's picture

What can i say, you're a man of the world, err.

Tue, 08/02/2011 - 04:53 | Link to Comment Treason Season
Treason Season's picture

The point of my post has nothing to do with my gender but whether you are naive or troll which has now been established. Your employer needs to rethink his hiring policy.

Tue, 08/02/2011 - 08:51 | Link to Comment scratch_and_sniff
scratch_and_sniff's picture

OK, i'll let him know.

Mon, 08/01/2011 - 13:32 | Link to Comment Cman5000
Cman5000's picture

Love the news on this MONDAY ...

Mon, 08/01/2011 - 13:36 | Link to Comment EscapeKey
EscapeKey's picture

More jap monetary easing, the UK openly discusses it, and the US is sure to follow suit.

Yep, us gold investors are crazed loons, and the danger is DEFLATION, you hear? DEFLATION!

Mon, 08/01/2011 - 13:39 | Link to Comment Byte Me
Byte Me's picture

+100 trn Yen TD

Bounce is just nervous profit taking.

Mon, 08/01/2011 - 13:41 | Link to Comment supermaxedout
supermaxedout's picture

It is  Currency World War  now.  All guns of the US and the  UK are directed on the Euro while Japan is down on its knees.

What is happening in Europe:

Despite all the horror news from the European crisis, the Euro is getting internationally more and more important while the Dollar is slowly getting weaker. Not to mention the Pound Sterling which is already only of marginal impact.

So will Greece go bankrupt?  Yes, they are already, Will this create a fundamental banking crisis? Who knows. Who knows which banks do finally hold the bag in other words who sold CDS protection to the banks holding Greek debt?

What do we know?

Greece can not go back to the Drachma. Its suicidal that such a relative small country tries to install its own currency again. Thats a laughing matter. Nobody would trust this money. Greece is presently not a reliable partner in international finance as the past showed. 

And the stupid talks that it would help Greece to have an own currency because then Greece can devalue its money from time to time when it is needed. This is absolutely bullshit. Who would like to hold a currency or an investment in a country which devalues its currency from time to time.

But a weak new Drachma can boost Greeks exports and this will help the country!

Have a look at close neighbors of Greece. Countries like Bulgaria and Romania. These countries do not have the Euro and their living standard is compared to Greece very low. These are the countries Greece has to compete with then. The economic structure of these countries is similar to Greece, both are full EU members like Greece but both have still their own currency.

So the question remains how far the new Drachma has to fall till Greece can compete in prices and products with Bulgaria and Romania. I can not come up with a number but I can tell you, very far.  The unemployment rate in Romania and Bulgaria is extremely high and the salaries are just a fraction of the EU average. These countries pay wages often comparable to the wages paid in China for the case you have one of the rare jobs.

Therefore I'm very sure nobody in Greece wants to go this way, because the introduction of the New Drachma would bring Greece down to the situation of Bulgaria and Romania. And then there would be no reason anymore for Germany to prop-up Greece.

So countries may become bankrupt, banks may collapse. This is all in the cards. It can happen anytime soon again.

But what about the Euro the backbone of Euroland  itself.

The fate of the Euro is directly linked to Germany. And the fate of Germany is directly linked to the Euro. The Euro is in principle the money of Germany since simply said the old DM became the Euro. But the Euro (former DM) is used as the official everyday currency by more than 500 million people within the EU. Plus other EU members which do officially not belong to Euroland  but have pegged their currency directly to the Euro within a relative narrow frame.

So its not wrong to say that all EU members are in principal using the Euro as their money except the UK. And the UK  is accordingly and interestingly the only country within the EU using the tool "quantitative easing" just as the US does. The UK is weakening their currency through QE while the ECB does not do the same.

When Germany falls the Euro is collapsing as well as the other way round!   But then all other EU countries would suffer even more than Germany itself.  That’s why nobody in Europe wants the Euro to collapse and they are praying for a prosperous Germany to act as the economic engine of Europe, except the UK.   But often the things are very different from their appearance. Nicolas Sarkozy could be the Trojan Horse within the EU. His war in Libya is clearly a war against the economic interests of the EU and is destabilizing Italy.

The winner takes it all. And the winners is will be these areas in the world which have at the end of the war still a trusted and stable currency. A currency other countries have trust in! While the opposite accounts for the looser.

Who is going to win the Currency World War? The combined economic forces of US, UK, Canada, Australia, and its vassals Japan and Saudi Arabia etc.

or the combined economic force of their counterparts

Euroland, Russia, China, India, Brazil, South Africa, Iran, Turkey

Nobody can predict the outcome since the US, UK etc. are using (lets call it mildly) “unconventional” methods to reach their goal to destabilize the EU and to kill the Euro. But it is also clear, that Australia and Canada are going to be the least affected countries whatever the outcome of the Currency World War. They are more or less by-standers.

So everything can happen and nothing can be trusted.  .

Tue, 08/02/2011 - 05:34 | Link to Comment StychoKiller
StychoKiller's picture

Don't know who's gonna win, but the list of losers is pretty long (and growing!)

Mon, 08/01/2011 - 13:46 | Link to Comment TSA Thug
Mon, 08/01/2011 - 13:47 | Link to Comment magpie
magpie's picture

QE 3 Gojira Edition

Mon, 08/01/2011 - 13:56 | Link to Comment RobotTrader
RobotTrader's picture

 

 

What happened to gold and silver today?

What is going to be the excuse of the day from General Jim and all the "experts" at KWN after this selloff?

Is Abercrombie and Fitch's market cap now bigger than Newmont Mining?

Mon, 08/01/2011 - 14:27 | Link to Comment lieutenantjohnchard
lieutenantjohnchard's picture

poor 'tard. still angry about losing his tail in the market so he lashes out at gentleman jim sinclair even as gold is within 1% of its all time high.

the 'tard from last night:

Futures are open.

ES up 16

Gold crushed to $1,609

Poor General Jim, still waiting for TEOTWAWKI

Mon, 08/01/2011 - 14:33 | Link to Comment Treason Season
Treason Season's picture

Robutttraitor = Eddie Haskell of 0H

Mon, 08/01/2011 - 14:42 | Link to Comment Smiddywesson
Smiddywesson's picture

What happened to gold and silver today?

Nice try.  What happened today?  The same thing that happened in July, June, April (insert month here) noise, just noise.  The same thing that happened in virtually every month during this ten year March.

Mon, 08/01/2011 - 13:56 | Link to Comment Chuck Walla
Chuck Walla's picture

Bukkake Bitchez!

Mon, 08/01/2011 - 14:22 | Link to Comment acabrer
acabrer's picture

Whoever wrote this is shamefully misguiding or is praying his usd/jpy shorts dont blow up, the last time BOJ announced an intervention they did Mr. Noda quoted as saying ready for battle. BOJ cannot afford to not follow up.

 

Mon, 08/01/2011 - 15:01 | Link to Comment Highrev
Highrev's picture

Good time to intervene after that heavy selling by the Japanese into the ISM numbers.

Add: I just got an hourly buy signal on the SPX.

 

 

Mon, 08/01/2011 - 15:00 | Link to Comment orca
orca's picture

Well, I don't know if this is BS or not. Every time they intervened and announced it later they got creamed. This makes for a nice change. First announcing, looking for the reaction, and afterwards deciding if intervention is an option is cheaper. And with USD/JPY (still) above 77 it seems to be working for now.

Mon, 08/01/2011 - 16:14 | Link to Comment Overflow-admin
Overflow-admin's picture

"Philipp Hildebrand who has been crouched in a fetal position for the past 6 months in a continuous PTSD daze."

 

  • SWITZERLAND PREPARES FOR CURRENCY INTERVENTION, DER BLICK SAYS
     
  • COORDINATED INTERVENTION MAY FOLLOW SWITZERLAND ACTION: LE MATIN.CH

</sarc>

Wed, 09/14/2011 - 04:27 | Link to Comment chinawholesaler
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Wed, 10/12/2011 - 15:15 | Link to Comment maddogs
maddogs's picture

France will Not Use EFSF to Recapitalize Banks; Slovak Government Falls, EFSF to be Approved Anyway; Greek Haircuts of 30-50% Coming; EU Seeks Magic

Since a Govt.s purpose is to decieve, heh heh heh, where is this "legal" Facility, and it's records(of repayments)? Where are the recap funds to actually come from? Should they be needed.

Will it be IMF money again? and why IMF, if such is the case?

I've heard Goldman and Morgan could have as much as 40% exposure, in a default situ. Is the U.S. going to provide "Dollar liquidity.... again!!!?? I would think the IMF, misinformed if the Funds were to be expected to be from the FED, as a new issue.. or was that where the repayments are standing...American /Fed $, $ Americans will be accountable for in devaluation of their currency? Is this the money..legal..that France is counting on? Money that should have been erased, once paid bacg? Is the IMF now funded with Trillions of U.S. dollars from previous "legal"lending?

Thu, 12/15/2011 - 06:38 | Link to Comment mediaprizm
mediaprizm's picture

The Bank of Japan made it clear that it is willing to intervene in the markets in order to curb the Yen strength. This can translate into a trading opportunity for the USDJPY when coupled with Technical Analysis.
SBT Japan|SBT Japan

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