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CurrencyShares Japanese Yen Trust ETF

5/21/2013, 9:27 PM ET

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Wednesday, January 23, 7:47 AM Jens Weidmann's got a lot of nerve, says Japan economy minister Akira Amari after the Bundesbank chief sounded a warning about the BOJ and a weaker yen. "Germany is the country whose exports have benefited the most from the EU's fixed exchange-rate system," says Amari. "The market is in the process of correcting on its own from an excessively strong yen." 1 Comment [Global & FX]
Tuesday, January 22, 11:11 AM Not a whole lot changed with the BOJ's doubling of its inflation target to 2%, writes Shaun Richards. First off, any additional QE action is being delayed until 2014. Second, it's not even additional action - 2014's QE will be little more than a continuation of the current program. For now, one of the more independent central banks remains so. FXY +1.7%, DXJ -3%. Comment! [Global & FX]
Monday, January 21, 11:02 PM The Bank of Japan takes some assertive steps to end its long-running deflation issue, setting a 2% inflation target and starting open-ended purchases of ¥2T/month in government bonds and ¥10T/month in T-bills starting in January 2014. The yen sinks, with a dollar buying ¥89.8 from an earlier ¥89.4. 4 Comments [Global & FX]
Saturday, January 19, 9:15 AM "The potential purchase of dollars and sale of yen is gigantic," says Felix Zulauf (Barron's Roundtable earlier), as Japan's institutions begin unwinding hedges put in place to guard against yen strength. The yen could slide to ¥120 over the next two years, he says, and Japanese shares - where 70% of stocks trade below book with a price-to-sales ratio of 0.5 (1.5 in the U.S.) - will benefit. Stay hedged with DXJ. 1 Comment [Quick Ideas, Global & FX]
Friday, January 18, 3:56 PM Anything to do with housing, we are long, Kyle Bass tells CNBC. This includes MBS (MBB), mortgage servicing rights (Bass doesn't mention names, but OCN, NSM, WAC, NCT are among the players), and conventional mortgage insurers. The interview also contains familiar red meat concerning the Japan debt bomb, with Bass saying the timetable for detonation has moved up. 7 Comments [U.S. Economy, Financials]
Friday, January 18, 5:40 AM While the yen has weakened sharply over the past few months, Koichi Hamada, an adviser to Japanese PM Shinzo Abe, reckons it still has some way to go. "I think 100 yen (to the dollar) is a good level for Japan, 110 is too weak but 95 or 100 is no problem," Hamada said today. The yen is +0.2% at 89.75 to the dollar. Comment! [Global & FX]
Friday, January 18, 5:23 AM The Bank of Japan will reportedly consider making a Fed-like open-ended pledge to purchase assets until it reaches a new inflation target of 2%. At a policy meeting next week, the BOJ is also expected to increase its asset-buying by ¥10T ($112B), and it might discuss halting the 0.1% interest it pays to financial institutions for holding their reserves as it looks to further push down interest rates and weaken the yen. 2 Comments [Global & FX, Top Stories]
Thursday, January 17, 3:09 PM After clearing out the weak shorts a couple of days ago, the yen is sliding sharply again, with the dollar +1.8% and buying more than ¥90 for the first time since late 2010. It should make for a pleasant Friday in Tokyo. The Japan Hedged Equity Fund (EWJ) +2.5%. The unhedged EWJ +0.5%. Comment! [Global & FX]
Tuesday, January 15, 5:20 AM If it wasn't already, BOJ Governor Masaaki Shirakawa all but makes further stimulus a 100% dead cert at the bank's next policy meeting this month by saying it will continue with powerful monetary easing, as the economy will probably remain weak for the time being and the outlook is uncertain. However, Shirakawa reiterates the BOJ's view that GDP will eventually recover. 3 Comments [Global & FX]
Monday, January 14, 11:48 PM Weak yen shorts get shaken out as Economy Minister Akira Amari suggests the recent large drop in the currency has brought its value in line with economic fundamentals, but further weakness could pose risks. A rush to cover sent the yen higher by nearly 100 pips vs. the dollar. A slight bounce since leaves the dollar -0.5% against the yen and buying ¥89.02. 1 Comment [Global & FX]
Friday, January 11, 10:06 AM The euro/Swiss franc cross shoots to its highest level since shortly after the SNB instituted the CHF1.20 floor nearly a year and a half ago. Chatter on the desks says the SNB is way long yen (which it bought to diversity out of euros), and has been selling gold to cover its losses. The yen has sunk to multi-year lows vs. both the euro and the greenback. As they rise, gold falls, -1.2%. 4 Comments [Global & FX, Commodities]
Tuesday, January 8, 5:25 PM Gundlach: His best idea remains long Japanese stocks and short the yen, though he expects a nice correction after big moves in both. The Nikkei could easily go up another 10% without being close to overvalued. He adds Chinese stocks to the list as well, though as with the Nikkei, Shanghai has had a big recent run and is due for a correction. Comment! [Quick Ideas]
Friday, January 4, 7:39 AM Japan parties in its first session of the new year, the Nikkei gaining 2.8% to its highest close since March 2011. Leading the gains were exporters, including Toyota (TM) +6.4%, catching up to big gains in the States over the past week. The slide in the yen picks up steam, the dollar +1.2% and buying ¥88.25. Hedged vs. unhedged Japan stock ETFs over the past 3 months. Comment! [Global & FX, On the Move]
Thursday, January 3, 3:09 AM The yen is +0.2% at 87.045 to the dollar after earlier falling to a 29-month low of 87.36, having tumbled yesterday following the passage of the fiscal cliff deal. Analysts reckon that that any yen strength is unlikely to last too long. "Technically, the dollar/yen looks somewhat overbought here," says StanChart's Callum Henderson. "It's gone a long way in a very short time." Comment! [Global & FX]
Wednesday, January 2, 10:39 AM Shorting the yen appears to be nudging out long Apple as the most-crowded hedge fund trade, with BAML reporting more than a doubling in notional yen shorts over the last 2 months of the year (CFTC data shows the same) as some notable funds trim stakes in Apple. FXY starts off the year -0.5% after falling 10.5% in Q4. 1 Comment [Global & FX]
Tuesday, January 1, 1:00 PM Currency ETFs were largely flat in 2012, with the krona (FXS) and rupee (ICN) leading gainers, and the rand (SZR) and yen (FXY) the biggest losers. Comment! [Global & FX, Quick Ideas]