ProShares UltraShort Yen ETF(YCS)- NYSEARCA
  • Thu, Sep. 22, 10:20 AM
    • "We've all relied too much on monetary policy," says Third Point's Dan Loeb, mostly positive on the BOJ's latest bright idea, but noting corporate and fiscal reform is what's really needed to revive growth in Japan. "They used to call it the punch bowl. I say we've got to take the crack cocaine pipe away and start focusing on real fiscal policy and structural reforms."
    • An investor in Japan for years, Loeb says foreign money is being welcomed more now, and that's a good thing. He and Japanese investors both want the same things, he says - Better-run businesses whose benefits will spread "far and wide." However, he cautions against government protection for certain sectors: "Let the market determine where workers' labor is best allocated, let people who allocate capital determine that."
    • Checking the scorecard, post-BOJ, the JGB yield has returned to negative territory and the yen (NYSEARCA:FXY) continues to strengthen, with dollar/yen -0.5% and threatening to dip below ¥100.
    • ETFs: FXY, YCS, JGBS, JGBD, JYN, YCL, JGBL, JGBT, JGBB
    | Thu, Sep. 22, 10:20 AM | 16 Comments
  • Wed, Sep. 21, 7:36 AM
    • The Bank of Japan's latest gambit to try and restore growth and inflation to the country is being dubbed "yield-curve control." The bank will abandon its focus on the monetary base, and instead aim to keep 10-year JGB yields from falling into negative territory (where they've been since March), and overshoot the 2% inflation target.
    • The steeper yield curve, hopes the BOJ, will encourage banks to lend and consumers to borrow.
    • After a generation of failed BOJ policies, some analysts are naturally cynical. "Committing to 'overshoot' 2% inflation rings hollow if you can't get there in the first place," tweets DailyFX's Ilya Spivak.
    • While the Nikkei climbed 1.9% following the news, and the 10-year JGB yield pushed into positive territory for the first time since March, the yen - which initially fell - has moved higher. Dollar/yen is down 0.35% at ¥101.33.
    • ETFs: DXJ, EWJ, FXY, YCS, JGBS, JGBD, DBJP, JYN, JPNL, EZJ, JEQ, EWV, HEWJ, YCL, JPXN, JGBL, JGBT, JGBB, FJP, JPN, HGJP, HFXJ, HJPX, DEWJ, FXJP, GSJY, JPNH
    | Wed, Sep. 21, 7:36 AM | 7 Comments
  • Wed, Sep. 21, 2:12 AM
    • Japan's central bank kept rates unchanged at -0.1% following its latest meeting, but announced it would modify its policy framework, marking the latest attempt to boost prices and goose economic growth.
    • Among the changes, the BOJ said it would introduce yield curve controls, eliminate the maturity range of its bond purchases, abandon its monetary base targets and confirmed that cutting rates further remained an option.
    • Nikkei +1.9% to 16,807.
    • ETFs: DXJ, EWJ, FXY, YCS, DBJP, DFJ, JYN, JOF, JPNL, DXJS, EZJ, JEQ, EWV, HEWJ, YCL, SCJ, JPXN, DXJH, JHDG, QJPN, DXJF, JPMV, FJP, DXJR, DXJT, JPN, DXJC, HGJP, JDG, HFXJ, HJPX, DDJP, DEWJ, FXJP, GSJY, JPNH
    | Wed, Sep. 21, 2:12 AM | 4 Comments
  • Thu, Sep. 15, 4:30 PM
    • The central bank's board is still in favor of easing, but some want to alter the methods, according to the report.
      “The BOJ’s policy has become a ‘cloudy cocktail’—nontransparent and difficult to understand,” says a former BOJ member, now an advisor to PM Shinzo Abe.
    • Complicating things - JGBs have gone off script, with the yield on the 30-year surging to 0.55% after nearly touching zero in July. Some suspect the BOJ is out of bullets after the purchase of nearly $800B of bonds annually since 2014 has yet to cause an uptick in inflation (in fact, prices have been falling this year). Economic growth remains lame and the yen has also move off script by moving strongly higher vs. the dollar. The stock market is lower by 12.7% this year.
    • While some previous supporters of massive bond buying and negative rates are questioning the idea, the faction that wants to stay the course warns anything perceived as even a little  tightening could send the yen soaring.
    • The BOJ meets next week.
    • ETFs: DXJ, EWJ, FXY, YCS, DBJP, JYN, JPNL, EZJ, JEQ, EWV, HEWJ, YCL, JPXN, FJP, JPN, HGJP, HFXJ, HJPX, DEWJ, FXJP, GSJY, JPNH
    | Thu, Sep. 15, 4:30 PM | 1 Comment
  • Mon, Aug. 29, 2:22 AM
    | Mon, Aug. 29, 2:22 AM | 3 Comments
  • Mon, Aug. 15, 1:58 AM
    | Mon, Aug. 15, 1:58 AM | 7 Comments
  • Wed, Aug. 10, 9:39 AM
    • According to a draft of a "comprehensive" review of its policies set for release next month, the Bank of Japan will take note of a number of factors - big declines in oil prices, a 2014 sales tax hike, and a deflationary mindset among the populace - as keeping the economy from hitting the bank's 2% inflation target.
    • In doing so, the BOJ will be defending itself from criticism that its QQE program (quantitative and qualitative easing) has been a failure, and thus signal markets that more of the same is coming.
    • The leak is important as last month's announcement of a review sent the JGB market to its worst sell-off in three years on fears the central bank might back off from its money-printing.
    • The yen (NYSEARCA:FXY) has backed off of earlier gains, but remains stronger on the session, with dollar/yen slipping 0.65% to ¥101.20.
    • ETFs: DXJ, EWJ, FXY, YCS, JGBS, JGBD, DBJP, JYN, JPNL, EZJ, JEQ, EWV, HEWJ, YCL, JPXN, JPP, JGBL, JGBT, JGBB, FJP, JPN, HGJP, HFXJ, HJPX, JPNH, GSJY, DEWJ, FXJP
    | Wed, Aug. 10, 9:39 AM
  • Fri, Aug. 5, 7:46 AM
    • A group representing Japanese automakers (OTCPK:NSANY, TM, HMC, OTCPK:MZDAY, OTCPK:SZKMY, OTCPK:FUJHY, OTCPK:MMTOF) has asked Prime Minister Shinzo Abe and his new cabinet to take action on the negative impact of foreign exchange rates.
    • The rise of the yen against key currencies has cut deeply into the profit levels of Japanese automakers and forced cost-cutting measures to be adopted as well as capital expenditure cuts.
    • The Japan Automobile Manufacturers Association wasn't specific on what manner of yen intervention it expects.
    • The automobile industry accounts for ~10% of all jobs in Japan.
    • Japan F/X ETFs: FXY, YCS, JYN, YCL.
    | Fri, Aug. 5, 7:46 AM | 3 Comments
  • Tue, Jul. 26, 3:04 AM
    • Just two months before the yuan is to be included in the IMF's Special Drawing Rights basket for the first time, the fund's board has adopted a new methodology for calculating the amounts of its global reserve currencies.
    • New weightings of the dollar, euro, yen and pound will be set on Sept. 30 and fixed for five years, pushing the yuan a step closer to being freely usable internationally.
    • ETFs: FXE, UUP, EUO, FXY, YCS, UDN, CYB, ERO, CNY, JYN, USDU, DRR, ULE, EUFX, FXCH, YCL, URR
    | Tue, Jul. 26, 3:04 AM | 5 Comments
  • Mon, Jul. 25, 3:18 PM
    • The BOJ surprised markets in January with a move to negative interest rates, but has disappointed fans of monetary stimulus schemes ever since. The result has been a steady increase in the yen (though the currency has weakened somewhat since the Abe administration consolidated power in this summer's elections).
    • That's supposed to change on Friday, when 85% - according to a Reuters poll - expect the central bank to boost the size of its QE program, and further cut rates into negative territory.
    • The one-week implied volatility of dollar/yen ended last week at its highest level since 2008, according to Credit Suisse, meaning traders are gearing up for big swings in the pair. As for the Nikkei, traders are loading up on call options, and volatility on the WisdomTree Japan Hedged Equity Fund (NYSEARCA:DXJ) is the highest in a year.
    • ETFs: DXJ, EWJ, FXY, YCS, DBJP, JYN, JPNL, EZJ, JEQ, EWV, HEWJ, YCL, JPXN, JPP, FJP, JPN, HGJP, HJPX, HFXJ, JPNH, FXJP, DEWJ, GSJY
    | Mon, Jul. 25, 3:18 PM
  • Thu, Jul. 21, 5:08 AM
    | Thu, Jul. 21, 5:08 AM
  • Wed, Jul. 6, 3:16 AM
    • With the pound in decline and investors flocking back to safe-haven assets, the yen rose overnight to around 100.75 to the dollar.
    • "It's back to double digits for dollar/yen? I think this is a pretty precarious level, and if we break through 100, we should start to hear some rumblings from officials," said Bart Wakabayashi of State Street Global Markets.
    • In addition to the surging currency, Japan's 20-year government bond yield fell below zero for the first time ever and the 30-year was just 0.015%.
    • ETFs: FXY, YCS, JGBS, JGBD, JYN, YCL, JGBL, JGBT, JGBB
    | Wed, Jul. 6, 3:16 AM
  • Mon, Jun. 27, 3:29 AM
    | Mon, Jun. 27, 3:29 AM | 1 Comment
  • Fri, Jun. 17, 12:30 PM
  • Thu, Jun. 16, 2:30 AM
    | Thu, Jun. 16, 2:30 AM
  • Mon, Jun. 13, 5:05 AM
    | Mon, Jun. 13, 5:05 AM
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