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Strategies & Market Trends : The Epic American Credit and Bond Bubble Laboratory

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To: Wyätt Gwyön who wrote (14750)	6/3/2004 10:45:14 AM
From: russwinter	Read Replies (2) of 110194

Significant item out of Japan! Hardly mentioned anywhere. Fed is huffing and puffing to plug the gap, did a cluster of four permanent injections recently: 5-12 1.692b 5-24 783m 5-26 796m 6-2 1.4 b ny.frb.org High levels of overnight activity until the last few days: bullandbearwise.com Last five weeks Fed debt monetization is $5.241 billion, about twice last year's avg pace. The Japan Times: June 1, 2004 No currency intervention in May Japan did not intervene in foreign exchange markets in May, the Finance Ministry said Monday. The announcement confirmed speculation that the ministry stepped away from yen-weakening operations as the dollar remained firm against the yen. The ministry, which releases monthly data on currency market interventions, said it did not carry out such operations between April 28 and May 27, extending the intervention-free period that began March 17. Japan used more than 35 trillion yen in the 15 months beginning in January 2003 to stem a sharp rise in the yen, which hurts the nation's exports, the main engine of the recovery.

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