Lawrence,
Those were great links you posted. The second link was very interesting. For those that didn't download the Adobe PDF document, it was a, blow by blow, replay of what led up to the decision for the US to intervene, and it's result. Thanks for the links. I'm constantly amazed at all the information available on the Internet.
Amazing how much effect Rubin's action had on the yen's strength. I remember reading a quite a few articles on how much of a master trader he is. Kind of takes the air out of it when you read how little the actual figure turned out to be. Maybe that was the, "masterful" part.
What surprised me was the actual intervention figure and the minute details the NY Fed released. It was only $833 million the U.S. contributed to that particular intervention. I don't recall any articles from the financial press clearing up their previously published figures.
I don't believe the report made it clear the US did not sell their yen after it strengthened. It may be in there, somewhere, but I didn't find it. If you know, did the US sell their yen after it strengthened? And do you know Japan's exact contribution, at that same time, to support the yen? And my last question, do you know if Japan actually purchased $20 billion yen, with little effect, in Q1 of this year?
Thanks,
MikeM(From Florida)
PS Whoops. Found one answer on the page 13, Table 2. "Realized" profits and losses for Q2 (yen) was $0. So it appears the Fed kept the yen purchased during it's June 17th intervention. |
