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

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To: patron_anejo_por_favor who wrote (85731)	8/30/2007 2:22:02 PM
From: John Metcalf	Read Replies (2) of 110194

Yes, carry unwind is not a monolith. Probably, the impact of the "Forex Housewives" of Tokyo has been overstated in the press. But, if not, then she sees yen strengthen from 118 to 112, and says, "now I get more Kiwis for my money, and NZ sovereign debt is yielding over 8% vs. 1.6% for JGB's". On the other end, she repatriates when Kiwis are strong vs. yen, then does it again. Patron, maybe you and tooearly have a better handle on the level of household Forex activity in Japan than I have. For me, it is frustrating to watch yen move up and down, without a decisive move to the upward valuation that has been expected for years.

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