Hi DJ, be thankful that you are in the sun shine. Turn up the volume, and you too will feel energy!
About those fortunate Japanese not being confused with choices about their leadership and the not-their savings, being driven Hayami style (or is that Greenspan style) into asset classes they should in fact be staying away from (yet another bubble, following equity, real estate, and now, of all things, bonds!) ... they really ought to consider gold and platinum. Alas, I am afraid there is only a continuation of the same "Ground Hog Day" of boom, kaboom, doom, gloom, and ... again. Bubbles following bubbles, wrapped around bubbles, enhanced by bubbles. Thank heavens for the Japanese, gucci bag holders for the world.
markets.ft.com
QUOTE
JGBs soar as euro and equities weaken
By Ken Hijino in Tokyo
Published: June 5 2001 11:16GMT | Last Updated: June 5 2001 11:23GMT
Japanese government bonds soared on the back of an uninspired stock market on Tuesday and the weakening euro which encouraged investors to shift their investments into the bond market.
Tokyo shares fell for the second consecutive session, after dipping below the psychologically important 13,000 mark earlier in the day. The sluggish market helped lift bond prices in the 10-year zone.
Sentiment for long-term government debt was also encouraged by earlier comments from Japanese life insurers, one of the largest institutional investors of bonds in the world.
The insurers said on Monday that they plan to reduce stock holdings and step up buying of yen-based bonds in their investment strategy for the current fiscal year. [EDIT by Jay: why do people still listen to these insurance companies who are so very good at losing money?]
The recent weakness in the euro has also made JGBs more attractive, according to analysts.
"Whenever there is a weakness in the euro, funds flow away from them towards bonds," said Yayoi Ushikubo, analyst for Daiwa Securities SMBC."There is quite a decent interest in buying JGBs from overseas, considering the shaky US stock markets and the EU currency." [EDIT by Jay: this is too funny!]
The Key June 10-year JGB future contract rose 0.25 to 140.78.
The benchmark 231st 10-year cash JGB rose 0.179 to 100.713, pushing down the yield by 0.020 per cent to ¥1.220
UNQUOTE |
