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To: Sarmad Y. Hermiz who wrote (40214)2/15/1999 9:52:00 PM
From: GST  Read Replies (1) | Respond to of 164684
 
The MOF is doing a partial end-run around the BOJ -- that is the point here. They will shorten the size and duration of the issue, and they will use their own MOF controlled accounts to buy them back (a practice they only recently discontinued) -- weird? -- yes -- but that is what you are seeing. The BOJ has not budged, the MOF has resorted to some of their 'old tricks'. But yes -- there is still going to be bucks flowing back to Japan, just less devastating than what was set to happen as of Friday.



To: Sarmad Y. Hermiz who wrote (40214)2/15/1999 9:56:00 PM
From: Bill Harmond  Read Replies (1) | Respond to of 164684
 
Unlike 30-year bonds or even 10-year notes, 2-6 year notes are not volatile investments, so Japanese banks can borrow from the BOJ at .15%, buy the notes in size, and capture the spread without risk. It's a great way to shore up the banks until the economy revives and allows them more conventional lending. The US Fed did much the same in 1990 during the credit crunch.


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