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Sunday, February 17, 7:36 PM The G-20's silence on Japan's efforts to devalue the yen has that currency weaker and the Nikkei sharply higher in early Tokyo trade. The dollar +0.35% and buying ¥93.84. The Nikkei +1.8%. 6 Comments [Global & FX]
Friday, February 15, 7:14 AM Just about the time George Soros lets leak he's been profitably short the yen is about the time he's probably covered. The yen (FXY) strengthens for a second session, the dollar -0.2% and buying ¥92.66. In concert, the Nikkei takes a breather, -1.2%. DXJ +8.8% YTD. Comment! [Global & FX]
Wednesday, February 13, 8:23 AM Yesterday's G-7 statement was meant to slow the pace of the yen's slide, not to signal concern over the currency's current level, according to a source within the group. "There was a concern it may overshoot." FXY +0.2% premarket. The yen's strength following yesterday's release and clarification had the Nikkei off 1% last night. DXJ -0.5% premarket. Comment! [Global & FX]
Tuesday, February 12, 10:03 AM WisdomTree's (WETF) Japan Hedged Equity Fund (DXJ) has YTD inflows of $2.1B. The amount places it second among all ETFs - impressive on its own, but "breathtaking" when considering total AUM are just $3.5B. The fund invests in Japanese stocks, but hedges exposure to the yen (as does DBJP). Both funds are up more than 30% in 90 days, double the return of EWJ. 1 Comment [Global & FX]
Tuesday, February 12, 8:13 AM Negative real rates finally come to Japan. This chart of Japanese 5-year index-linkers from Ed Bradford shows the yield turning negative last November - right around the time stocks took off and the yen began its steep decent. Comment! [Global & FX]
Monday, February 11, 4:52 PM A big move late in the yen (FXY -1.2% in regular trade, -0.6% AH) takes the currency to its weakest vs. the dollar in more than 2 years, the greenback now buying ¥94.32. The hedged Japan equity fund (DXJ) nods in approval, +2.4%. The Nikkei was closed Monday, but look for fireworks tonight. Earlier: The government drops all pretense and calls for Nikkei 13K by March 31. 5 Comments [Global & FX, On the Move]
Monday, February 11, 9:45 AM Forget inflation targets, Japan now has a stock market target and it's Nikkei 13K by the end of March, according to Economy and Finance minster Akira Amari. If Japan has its own David Tepper, we're pretty sure we know what he's doing. Tokyo was closed overnight, but DXJ gains 1.2%. The yen slides, FXY -0.6%. 16 Comments [Global & FX, Quick Ideas]
Wednesday, February 6, 7:01 AM The early retirement of BOJ Governor Shirakawa is cause for a party in Tokyo, with the Nikkei soaring 3.8%. The dollar strengthened vs. yen - nearly tapping on 2009 levels - before backing off to about unchanged on the session. BOJ board member Takehiro Sato says achieving the new 2% inflation goal would require as-yet untried QE methods. Can't wait. EWJ +1% premarket. 8 Comments [Global & FX]
Tuesday, February 5, 8:17 AM The Yen Trust ETF (FXY) -1.3% premarket after BOJ Governor Shirakawa steps down three weeks ahead of schedule. PM Abe has made it clear he wants someone on the job who will be bolder with monetary policy (the U.S. has a couple to offer). Currently speaking at a news conference, Shirakawa says he's under no pressure to resign early. Sure. 2 Comments [Global & FX, On the Move]
Sunday, February 3, 1:43 PM The government's mission to erode the value of its own obligations is being heard at Japan's public pension fund ($1.2T AUM), which considers cutting its 67% target allocation to government debt. "JGBs were how we made money over the past 10 years," says fund chief Mitani, his eyes clearly focused on other assets - domestic and overseas stocks to name two. 5 Comments [Global & FX]
Friday, January 25, 2:51 PM "I only hope those in charge of managing my retirement accounts aren't among the Japan-bulls-come-lately," writes William Pesek, having lost count of the number of pump-priming, money-printing, devaluation rodeos Japan has been through over the past 20 years. Don't forget this is Shinzo Abe's second time as PM, and his first attempt was a crashing failure. 3 Comments [Global & FX]
Friday, January 25, 7:28 AM The Nikkei closes a wild 5-days with a 2.9% gain putting the index in the green for the week after being down nearly 5% through Wednesday. The yen is the story and its strength early in the week following the BOJ's middling easing moves reversed sharply, with the dollar and euro both rising to multi-year highs vs. the currency. Hedged Japan equity (DXJ) +1.1% premarket. 1 Comment [Global & FX]
Thursday, January 24, 3:34 PM The yen's decline is the real deal, says George Soros holding court at Davos, and it's going to make for some unhappy German exporters. The euro, he says, is the outlier currency as the ECB stands alone among the major central banks in not engaging in QE. His comments hit an already weak yen, sending the dollar higher against it by 1.8% to ¥90.20. The hedged Japan equity fund (DXJ) +2.6%. 7 Comments [Global & FX, On the Move]
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]
Tuesday, January 22, 8:33 AM In addition to buy the rumor, sell the news action in the yen, Japanese shares sell off after the expected BOJ decision to up its inflation target to 2%. If getting busy ending deflation is of such import, the decision to wait until 2014 to being open-ended QE is a curious one. The Nikkei -0.4%, bringing its 2-day slide to about 2%. Comment! [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]

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iShares S&P/TOPIX 150 Index ETF