Tag Archive: Bank of Japan
SNB Remains the Only Central Bank Currency Warrior: The Japanese do not Fight, they Talk
Central Bank data show that the Swiss National Bank (SNB) remains the only central bank that strongly participated in currency wars with FX intervention, while the Japan was just verbal intervention.
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Opinions of Leading Economists on Japan and the Unholy Alliance of Kyle Bass and Shinzo Abe
We give an overview of opinions of leading economists that want to help Japan out of deflation. Paul Krugman, Richard Koo, Adam Posen and Kyle Bass.
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Is a Liquidity Trap Really a Problem? Yen Debasement Part3 by Noah Smith
Thoughts on the Japanese Currency Debasement (part 3) In previous posts we looked on the following aspects of the recent Japanese currency debasement: Overview: What different leading economists – Paul Krugman, Richard Koo, Adam Posen, Kyle Bass – think about the Japanese currency debasement and the way to more private spending and investing instead of …
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Net Speculative Positions, Week January 21
Submitted by Mark Chandler, from marctomarkets.com The technical tone of the major foreign currencies deteriorated in recent days. It appears to be a cascading effect. Favorite risk-on currencies, like the dollar-bloc, failed to participate in the move against the greenback. The Swiss franc took the dubious honor of being the weakest currency last week, losing 2.2% …
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Helicopter Money against Animal Spirits and our Critique
The newest paper by McCulley and Poszar "Helicopter Money: or how I stopped worrying and love fiscal-monetary cooperation" presents fiscal policy and monetary policy along these two criteria
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Epic Shift in Monetary Policy: Japan goes SNB, Nuclear Option
According to Bloomberg, at least prime minister Abe is taking the nuclear option and is following the SNB in buying foreign assets. This is a huge change in global monetary policy.
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Same Procedure as Every Year: Analysts Shouting “The Great Recession is Over!” But It Is Not!
Or why we do not believe in the American economy. Like every year in Q4, analysts proudly present the end of the great recession: 2009: The big picture: The Great Recession is Over! Long Live the Ordinary Recession …. 2010: Mish Global Trend Analysis: The Great Recession is Over; Bad News: It Doesn’t Feel Like … Continue...
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Net Speculative Positions, Week November 19
Submitted by Mark Chandler, from marctomarkets.com The US Dollar Index bottomed on September 14, the day after QE3+ was announced. It reached a 2-month high before the weekend. It has now retraced half of the ground lost from ECB President Draghi’s pledge to “to do whatever it takes” through hints, and then delivery, of …
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Who Has Got the Problem? Europe or Japan?
A couple of months ago the euro traded close to EUR/USD 1.20 and the whole world was betting on its breakdown. Once the euro downtrend ended thanks to QE3, OMT and euro zone current account surpluses, the common currency did not stop to appreciate against the yen and reached levels of EUR/JPY 104 and above. … Continue reading...
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Net Speculative Positions, FX Outlook, Global Stock Markets, Week of October 1
Submitted by Mark Chandler, from marctomarkets.com If the third quarter was about the reduction of tail-risk by official actions, then Q4 will be about the limitations of the policy response. It will pose a challenging investment climate after what turned out to be a favorable performance in Q3. Equities generally did well. The US …
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Net Speculative Positions, FX Outlook, Global Stock Markets, Week September 24
Submitted by Mark Chandler, from marctomarkets.com The days ahead will help clarify whether the US dollar’s somewhat firmer tone last week was simply corrective in nature, before a new leg lower, or the carving out of a bottom of a downtrend that began in June against most of the major currencies and July for the …
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Net Speculative Positions, FX Outlook, Global Stock Markets, Week September 17
Submitted by Mark Chandler, from marctomarkets.com Nearly every development in recent days has been embraced by the foreign exchange market as a reason to continue to do what it has been doing since late July, and that is to sell the dollar. The German Constitutional Court ruling, allowing the European Stability Mechanism to …
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It’s not simply QE3
Submitted by Mark Chandler, from marctomarkets.com The outcome of the FOMC meeting is not just a new round of quantitative easing, some might call it QE3. What the Fed announced represents a new chapter in its policy response. The first distinguishing aspect of its decision is the open-ended nature of it. While it has not indicated … Continue reading...
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The End of Swiss and Japanese Deflation
At a time of speculations about global deflation, we show an interesting and very different aspect. Our CPI and wage data comparison among different developed countries, shows that Switzerland and Japan will see both inflation, whereas other countries like Australia will see disinflation.
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Why is the Swiss safe-haven so completely different from the Yen ?
4 future scenarios for the Swiss franc and the Japanese yen For many people it is astonishing that the Swiss franc continuously rises against the euro, especially when markets are up. Is the CHF no safe-haven any more ? This year the Japanese yen has strongly fallen against the major currencies. Together with the upturn …
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EUR/CHF, a Year of Free Market (07/2010-07/2011): August 2010
ForexLive Asian Market Open: CHF, JPY Up; GBP Down EUR/CHF will begin the new month at fresh record lows and this may encourage some of the bigger macro funds to join in the rout, those that aren’t already involved that is. I think it was Paul Tudor-Jones who said that his best trades often came … Continue reading »
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EUR/CHF: A History of Interventions, May 2010
ForexLive Asian Market Open: EUR Worries Return The big Sovereign players couldn’t get enough of the EUR when it was at 1.40 and now it looks like they can’t get out quick enough. The BIS has been a regular seller on behalf of other central banks, the SNB are quietly trying to offload what they … Continue reading »
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SNB Fulfills Promise of Forex Intervention, Franc Collapses (March 2009)
Extracts from the history of the Swiss franc (March 2009). Mar. 17th 2009 Last week, the Forex Blog concluded a post on the Swiss Franc by suggesting that the Swiss National Bank (SNB) could artificially depress the value of its currency, which had “not just posted strong gains against the eurosince late August …
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