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Strategies & Market Trends : Waiting for the big Kahuna
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To: William H Huebl who wrote (43643)9/26/1999 1:08:00 PM
From: Gary105  Read Replies (1) of 94695
 
My take on G7 meeting over the weekend:

1. U.S. made commitment to boost savings rate - look for Fed to raise rates despite weakening market and indications that earlier rate increases are beginning to have effect.

2. No official coordination to stop yen rise, maybe unofficial, maybe not. Monday should be interesting on this one.

3. Japan to boost spending "within constraints of zero interest rates". They tend to move slowly on this, also there is so much they can do given their zero interest rates - they must move quickly and firmly or else the yen continues to strengthen.

In summary, while the meeting may have some long term impact, it provides modest hope at best for those looking for a quick fix to the strengthening yen. Monday will be interesting.

Gary

P.S. - the only wildcard (on the positive side), i see is if there is a coordinated move on monday involving the BOJ boosting Japan liquidity and an upward move in rates by the Fed in advance of FOMC meeting.
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