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Strategies & Market Trends : 2026 TeoTwawKi ... 2032 Darkest Interregnum -- Ignore unavailable to you. Want to Upgrade?

To: Tommaso who wrote (21230)	8/15/2007 12:30:55 PM
From: elmatador	Respond to of 218791

Yen? yen rose to a 4 1/2-month high against the euro and dollar as widening losses linked to U.S. subprime debt prompted investors to sell riskier assets funded by loans in Japan. bloomberg.com

To: Tommaso who wrote (21230)	8/16/2007 1:22:14 AM
From: elmatador	Read Replies (1) \| Respond to of 218791

dramatic surge in the Japanese yen over recent days has cut off a key source of liquidity for the global asset boom, setting off a panic flight from emerging markets for the first time since the latest turmoil began. Japanese investors and foreign funds borrowing in yen at near zero interest rates have accumulated roughly $1,200bn (£603bn) of unhedged positions outside the country, according to BNP Paribas, much of it in high-yielding markets in East Asia or places as far away Iceland, New Zealand and Brazil. The yen flows have been a key prop for world asset markets over the last two years, along with the petro-dollar surpluses of the oil exporters and the growing reserve war chests of China, Russia, and other rising powers. telegraph.co.uk