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Yen Flash Crashes... Again
Timber time. Next up: another round of hopeless and very much helpless BOJ intervention. Because after the FX wars come the trade wars, and after the trade wars come the shooting wars.
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Charts: Bloomberg
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Ok, that was actually my fault...why doesn't CRTL+Z seem to be working today in E-Trade?
Japan is royally fucked. They bet their environment on nuclear energy and lost. That's a big problem on an island. They Yen really has nowhere to go but down.
DXY at multimonth high.
Just as expected. The USD's last rally.
Johnny-san Fat Finger. (or Fat Finger-san as I've coined before)
At least we know where the real trouble is. (or part of it anyway)
Except that in this case "down" means it is getting stronger.
Good! The US needs a trade war with China NOW!
I am going to disagree with you. The last thing the US needs is yet another war. What the US needs is to start producing stuff ... I don't know what kind of stuff because if I did I would invest my work, time and money in the manufacturing of that product.
Chinese are willing to work for peanuts because peanuts is better than nothing. The US, like the rest of the Western world, has failed to acknowledge that other countries and people could do very well too.
One of the things the US government could do is offer a green card to all the foreigners who graduate college (or complete a PhD ...) instead of having a green card lottery that an Ukrainian truck driver can win. Seriously, what the economy needs is more entrepreneurs, not more truck drivers. (I have nothing against Ukrainian truck drivers, it was just an example).
You just pissed off all of my brothers in the "Rainbow Trucker Brigade" my friend.
Bastiat
Exactly......exactly why the trade war needs to go forward.
A. I am an American SICK TO DEATH of watching jobs go to China
B. Poorly made and cheap Chinese goods encourage mindless materialism [and requires high replacement rates]
C. The Chinese currency manipulation has cost this nation untold dollars.
50% tariffs on all imported Chinese goods.....NOW! Bring it!
"What the US needs is to start producing stuff ... I don't know what kind of stuff because if I did I would invest my work, time and money in the manufacturing of that product."
It has already been done that is the problem - booze and porn. What else do you really need?
The Chinese elite are willing to be the lowest cost bidder on everything because if they don't have something approaching full unemployment, the whole country goes into anarchy.
And if there's one thing they fear more than anything else, it's anarchy. It's sorta the way Republicans view gay sex. Well ok, maybe not.
Please, China : do me a favour. Get rid of all your USD cash reserves now. And don't forget the US treasuries. Y'know ? Useless paper...
I hear ya...so if I was going to be in Tokyo exchanging my USD for JPY...it would be a good time or no?
The BOJ will finally master the art of Yen devaluation after all manufacturing is offshored from Japanese soil, in which case, it will be not only pointless, but incredibly destructive.
Yes, you can now order your hecho en Mexico Toyota Yaris (formerly made in Japan) and hecho en Mexico Honda Fit (formerly made in Japan), as well as many, many other made in the U.S., Poland, Mexico and Brazil autos that had been formerly made in Japan.
Irradiated manufacturing is bullish.
I was just going to say, exactly. Probably better off buying Hencho en Mexico today.
I wonder what would happen if I walked into a Toyota/Honda dealership with a radiation detector here in India....hahhh, probably be arrested for disturbing the peace as it goes off the charts.
V
yucks in America!
0.07 seconds. That split second of time is so minuscule that the human brain scarcely could register it, yet the power going out at a Toshiba manufacturing plant might be all that it takes to sink the world’s flash memory supply by 20% for the next year… and send the price of your next smartphone or tablet skyrocketing.
Dollar safety push is on.
Rearm Japan... take out the Chicoms.
Rearm? We were in war with them last time they had arms you know this right dimwit?
keep a close on the swisseee
Dear Yen,
Please stop.
Your friend, Euro
Well, the Dollar crashed, in Yen terms. Right?
That algorithm is going to have to take a 10 minute timeout. Your a bad bad algorithm.
But where will the liquidity come from?
Won't someone think of the liquidity?
Gold chart?
"I know not with what weapons World War III will be fought, but World War IV will be fought with sticks and stones." - some guy
Bill Moyers, no?
Al Einstein.
Comay,
Leave out the NOT, and sounds like Einstein.
Starting to get a little scary now. Thank goodness we have Nancy and Harry to make it better. :)
Dow 10k?
S&P 1k?
No euro close bounce today!
Turn the charts upside down and you'll see a bounce toward the euro close.
Taking into account only the frequency and severity of interventions in all markets (Seems to be a daily occurrence now) we MUST be in the very last days of the system.
As Jesse very aptly put it, in this environment "It is almost a curse to know anything these days".
"In much wisdom is much grief: and he that increaseth knowledge increaseth sorrow." Ecclesiastes 1:18
It was always thus.
its just a fast crash, not a flash crash...those come back :)
"...and after the trade wars come the shooting wars"
Yes but can 3 illegal wars America afford any more bullets?
Can Benny print anymore bucks and buy yet more US Govt Timmay Turds??
Will any military contractor take them as payment???
...tune into the next exciting episode of 'Benny and Timmay Get Analised XII'
Seems more likely we will be a target than an instigator, at least on tv.
Dude, 3 illegal wars? I thought were up to 7?
Hell, let's start selling War Bonds.
Yen carry trades unwinding.
This is what the Swiss have to look forward to a couple of years from now.
Dow drops 70 plus points as Obama speaks. as usual.
Gold's gonna reach parity with the dow one way or another....
This is fucked up...really fucked up.
http://www.youtube.com/watch?v=PJhmKF4npMs
All looks so impressive BUT it's been 76.50/78.00 for a month and that's not making anyone rich
50 pips now qualifies as a flash crash?
+1
"Because after the FX wars come the trade wars, and after the trade wars come the shooting wars."
And this is one of the great lessons of history. Greed kills!
.
.
Things are turnin' pretty fugly on the last trading day of the week so i suggest we open the cocktail cabinet and make a refeshing drink to cool off.I recommend my ol' personal favourite recipe called the Grand Slam:
1qt 100%proof bourbon
1/2 qt scotch
3cl cognaic with orange peel
1/4qt clorox
1 teaspoon of castor oil
1 cap. ex.strong mouthwash
garnish with lemon and crushed blackpepper corns
{Best served shaken not spilled}.
I think I would rather have a pan galactic please. They don't identify what is in it, and you know Janx isn't talking.
Or you could take off your bra and panties, stop being a pussie and have a single malt scotch neat.
Till you got to the ChloroxTM and Castor Oil I was on team. You making more than one batch?
Between TS Lee dumping toxic oil sludge, and other verious calamities, vodka is sounding pretty good to me. Clean...neat...no memories...low cost...Later!
when the SNB devalued the swissie to support the euro, it thought it would "cap" the USD's rise, and said so
i've never traded fx, even for "fun" and am still learning about how the crimex works too
anyhow, i was wrong, it seems, and i hope anyone who was smart enuf to fade my ignorant call is rolling in profits and laughing his/her/Y/C's(?) ass off!
people make fortunes fading slewie!
what i see now, is that (perhaps?) only the "pair" is directly effected in the long run, and other "pairs" w/ the CHF......................???.............
...............jeeeeeez! got PMs????
Double top1 iF mOF WERE TO INTERVIEN! iT WOULD B sWISSY STYLE.
Point being, 78 is break even for exporters...
I like you!
This was a dollar flash crash in terms of Yen, not a Yen flash crash.
Okey dokey?
Thank you, that's the way I read it too and was starting to wonder if I was losing my marbles. $1 was worth 77.8 yen and fell to be worth only 77.3 yen. Yen stronger, doesn't take as many to buy a dollar as it did this morning.
FUKUSHIMA = All UR BASE!
This is like merry go round , US prints money , then China , EU and Japan , welcome the new kid on the block - Swiss , WHO'S NEXT ?!?
They call it (Great) Britain
Correct! Thank You!
the ECB has sterilized all its bond purchases, and its last rate move was a hike.
I just bought usd/jy down here.
You will { Kill} Me. I'm long GBP above the 60 level. I respect the Sovereign DUTY!
Slewie ,You kick ARSE'
You call it ( Renbinbre) I call it YUAN!
that move shown on the chart in the lead story is hardly a "flash" or a "crash". it is 70pts in total, and took 40 minutes, a fact neatly disguised by compressing the chart so much. given the nature of the day's news, and the CHF safe haven option now shut off, i think it is clear enough that what that chart really shows is a shift from EUR to JPY to escape risk.
The yen is back up to 77.40 now. Stll doesn't matter. My company has been fucked since 90 yen per dollar. It is so great when you lose 30% in currency conversion only.
See I got to buy my product from Japan in dollars and sell it here. The exact opposite of the great sell abroad and report sky high profit weak dollar trade.
Nobody actually wants to sell a product in the USA right now.
.
fwiw i DID WELL ON THE sWISSY THING. Yen is ? End of story.
Sell Hawaii and Alaska to China. Then annex Canada. Then enjoy a balanced budget.
roberocarlos,
you KIDDING?.
Alaska is loaded with EVERY natural resource needed by Amurika.......only the fool, er'only a FOOL would do a deal like that.
Now New York, Upper East coast, D.C., hell yeah, lets make a deal.
We will take Canada though,( I highly doubt they would want part of this,besides they still have to go thru their housing meltdown also),plus their Health Care system is so WONDERFUL (unless you have breast cancer,need a hip replacement, or knee, etc,etc,etc, and are trying to get screened before you get it),medicine is cheap, just can't get to a Dr. to get a scrip, their all here 9 mos out of the year.
(of course our's if Owhamma Care doesn't get dumped, wiull be no better),wonder where Peelosi will palstic surgery, and botox?.
Couple of years back I heard, read an article that the city of Philadelphia had more MRI machines than the entirety of Canada.
They can have Hawaii,have to fight the owners though again, the Japanese.
Being from Philly, I can attest to that . . .
runny nose, get an MRI
Sore throat, get an MRI
upset stomach, get an MRI
(Obammycare at its best !!!)
geez this is EXACTLY like 2008...
better have ur armageddon plays on, or be in cash cuz this is gonna be one hell of a ride