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Strategies & Market Trends : The Epic American Credit and Bond Bubble Laboratory -- Ignore unavailable to you. Want to Upgrade?

To: Crimson Ghost who wrote (36403)7/20/2005 3:49:51 PM
From: futures speculator  Read Replies (2) | Respond to of 110194
 
Could it be that BOJ is pushing it down as far as possible, trying to squeeze those who have bet on a JPY appreciation?

So BOJ can cover its $320bn (35trillion) of counterfeit money it (BOJ) created during late 2003-1Q2004, to intervene in the forex market? Japan's forex reserves are $850bn in total.

If actual market forces are behind this, then BOJ would be really lucky to find "natural" buyers of USDJPY. But would it be possible that behind this terrible JPY performance is BOJ itself?



To: Crimson Ghost who wrote (36403)7/20/2005 3:52:00 PM
From: TH  Read Replies (1) | Respond to of 110194
 
Fillmore,

Thanks for your insight.

The Yen was just one of two or three hundred things that have me perplexed.

Now maybe there is hope those commercials will be on the wrong side of POG soon.

GT
TH



To: Crimson Ghost who wrote (36403)7/20/2005 6:19:50 PM
From: mishedlo  Respond to of 110194
 
I do not think the commercials made a bad call per se.
They just took the other side of a trade.
That is what they do.
Someone was betting big on that RMB repeg.
By definition, someone has to take the other side.
An RMB repeg would likely flow over into the YEN.
The smart money was betting on no repeg/no float.

That is how I see it.

Mish


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