Japan

The Euthanasia Of The Saver

American banks have largely gained from low interest rates, British banks have suffered losses as a result and in the Eurozone they have been hugely detrimental to banks’ profitability. The ones who have undoubtedly lost out were those quintessential Keynesian villains: the savers. The medicine prescribed by the central banks to correct their “bad” ways has cost them billions. And given that yields have continued to go down since McKinsey's report was published, their misery has only increased. More high fives from Keynes! And yet, even within those groups the impact has been uneven. Who in the household segment is suffering the most because of ultra-low interest rates? The retirees, of course.

BoJ QE Exit "Out Of The Question," Former Official Says As Morgan Stanley Talks JGB Liquidity

"If the BoJ persists with its current pace of JGB purchases, then the incentive for investors to reduce their holdings any further is likely to dwindle away within the next 18–24 months, at which point liquidity may evaporate altogether," Morgan Stanley says, calling liquidity the "major theme" in the JGB market. Meanwhile, a former MoF official claims the BoJ is now in so far over its head that an exit from stimulus is "out of the question."

Radioactive Drone Discovered On Roof Of Japanese PM's Office

Japanese Prime Minister Shinzo Abe awoke on Wednesday to find a half-meter-wide drone, contaminated with trace levels of radioactive cesium, on the roof of his office in Tokyo. Of course this is nothing new for Washington where a drone crash-landed on The White House lawn in January and Chief Cabinet Secretary Yoshihide Suga said that Japan is looking to tighten laws governing drones (ahead of next year's G7-summit and the 2020 Olympics). Of course, the police have explained cesium isn't harmful to humans (though we suspect they aren't stupid enough to drink it).

GoldCore's picture

The People’s Bank of China may have tripled holdings of bullion since it last updated them in April 2009, to 3,510 metric tons. It is worth noting that the U.S. refuses to allow their gold reserves to be publicly audited and the Bundesbank is having difficulty repatriating much of its gold stored with the Federal Reserve. This has led many analysts to speculate that the U.S.’s gold reserves have been leased out or sold or are encumbered as part of an ongoing effort to manipulate gold prices.

Asian Euphoria Sends Nikkei Above 20,000, Fizzles In Europe On More Greek Fears; US Futures Down

Whether it is in sympathy with the now relentless surge in the Shanghai Composite which tacked on another 2.44% overnight to close at a fresh multi-year high just shy of 4400, well more than double from a year ago, or because Mrs Watanabe was unable to read the latest Japan trade data whose first trade surplus in 3 years hinted that there will be no new easing by the BOJ any time soon, but overnight the Nikkei closed above 20,000 for the first time in 15 years, with "makers of chocolate, mayonnaise, potato chips and household appliances" helping lift the Tokyo market according to the WSJ. The now daily Asian euphoria however did not last long in the European session, and after opening higher, the Stoxx Europe 600 slipped into negative territory just an hour into trading, and was down 0.4% by midmorning, lead by a near 1% decline on Athens' mains stock index, which has since recouped losses stemming from the overnight report that the ECB is considering an up to 50% haircut on Greek bank collateral, a move that would wipe out the Greek financial sector with ease.

Japan Breaks 48-Month Deficit Streak, Manages Marginal Trade Surplus On Collapse In Imports

After 48 months of trade deficits, March saw a very modest JPY3.3bn surplus (vs JPY409bn deficit expectations), driven by a collapse in imports. Exports rose 8.5% (as expected) but against already dismal expectations of a 12.6% drop, March saw Japanese imports crash by 14.5% - the most since Nov 2009 (driven by the plunge in oil prices - aleviating some of the post-Fukushima fuel demands cost). Of course this is terrible news for stocks as it means less stimulus from the BoJ...asnd JPY is strengthening modestly.

 

Full Scapegoat Retard: Trader Arrested For 2010 Flash Crash

  • FUTURES TRADER ARRESTED FOR ALLEGED ROLE IN 2010 FLASH CRASH
  • FUTURES TRADER CHARGED WITH ILLEGALLY MANIPULATING STOCK MKT
  • SARAO HAS BEEN CHARGED WITH COMMODITIES, WIRE FRAUD: GOELMAN
  • SARAO WAS ARRESTED AT HIS HOME IN LONDON TODAY, GOELMAN SAYS
  • CFTC FILES CIVIL CASE AGAINST NAVINDER SINGH SARAO

Key Events In The Coming Week

While this week sees the peak of Q1 earnings season, it will be a generally quiet week on the macro economic front for both EM and DM, with the emphasis on the latest seasonally adjusted manufacturing sentiment surveys, US durables and Japan trade.

China To The Rescue: Global Equity Market Rebound After Latest Chinese Easing

It is only fitting that the next business day following a headline that "Global Futures Slide China Tumbles On Short Selling Boost" we would see China, in an apparent panic, not only cut its RRR by 100 bps to 18.5% - far more than expected and the most since 2008 - but, more importantly, hinted that the Friday regulatory decision to encourage short sales and tighter margin rules on "umbrella trusts" was in no way meant to pop that the Chinese stock bubble, ridiculous as it may be. End result: after Chinese futures crashed by up to 6% on Friday after the Shanghai close, overnight the SHCOMP was down just 1.64%, erasing the bulk of the futures loss. More importantly, US equity futures have seen a strong bid this morning in yet another attempt to defend not only the Apple Sachs Industrial Average from going red on the year but the all important 100 DMA technical levels.

One Last Look At The Real Economy Before It Implodes - Part 5

The endgame has indeed arrived. At the very least, the international elites seem to think success is within their grasp, for they now openly expose their own criminality. But they do so in a way that attempts to divert blame or to rationalize their actions as being for the "greater good." All signs and evidence point to what the IMF calls the "great global economic reset.”" The plans for this reset do not include U.S. prosperity or a thriving dollar.