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In the midst of Japan's push to devalue the Yen, G20 leaders met in Russia this weekend to hash out monetary policies and the continued threat of a currency war. However, it appears they left as they all came; with their foot in their mouths. By not commenting on Japan's push to inflate its economy by pumping what will be huge amounts of newly printed money, G20 leaders have effectively given Shinzo Abe a green light.

One can only imagine the amount of vodka needed to numb their urge to cry foul. The Yen's devaluation, I'm sorry, Japan's fight against deflation is surely going to nudge the export market in their favor, but at whose expense? Surely that country was there, why didn't they speak up?

Inaction to even acknowledge Japan's intentions only confirms what most have already thought. The G20's other leaders can't reprimand Japan because Japan is only doing what they have and already are doing - printing lots of money. Japan is only different in that their leaders are specifically mentioning price targets on the Yen.

Unfortunately, Japan is not that much different. While their move is probably too little too late, all of the other leaders are right there with them. The only power the Euro seems to have is due to its ability to do nothing and look good. This smoke however will clear in due time.

So, how to play this?

Moderate Risk/Reward Plays

1. Buy YCS, Proshares UltraShort Yen ETF

This ETF has moved from 52 week lows to 52 week highs recently with seemingly more to come as its performance moves inverse to that of the yen.

2. Buy EUO, Proshares UltraShort Euro ETF

This ETF sits near 52 week lows as it moves inverse to the Euro, which is near 52 week highs. This play may be a little early as Mr. Market is currently of the opinion that the Euro is a safe bet but, any change of opinion will transfer gains to EUO's holders.

High Risk/Reward Plays

1. Buy FXY Puts

FXY moves with the yen so long puts can be purchased to benefit from future declines.

2. Buy YCS and EUO Calls.

These bets are sure to yield a bumpy ride so only speculative amounts should be placed. Remember, you can only lose what you put in and you shouldn't bet more than you can afford to lose…these are strange times. If you don't believe me, check out demand vs. the price of gold (NYSEARCA:GLD)!

Source: How Awkward Was That? G20's Inactivity Gives Yen An Extra Push

Additional disclosure: I also have positions in FXY Puts and YCS and EUO Calls.