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Strategies & Market Trends : Currencies and the Global Capital Markets -- Ignore unavailable to you. Want to Upgrade?

To: paul ross who wrote (2150)	10/1/1999 4:59:00 AM
From: Bobby Yellin	Read Replies (1) \| Respond to of 3536

thanks Paul I caught the joke..but a lot of people feel that the Euro CBs were reacting to the loss of value in their own reserves and US has made a clear policy statement that they wouldn't sell their gold reserves. Since there has been no global intervention in the rising yen, I thought part of this announcement was to get rid a lot of the speculators who have been using the yen and gold carry trade.. Does anybody know how large these carry trades were? If they were quite large, wouldn't that bring more stability to the markets if they were forced to close them? I never have been able to find out how much yen the Japanese government has lent out and how much liquidity that has provided to speculators. Also what did the Japanese back all that money with? or were they just printing it since they knew speculators wouldn't care?