Tuesday, May 3, 2011, 5:05 PM
Doug Kass is buying EWJ after analysis that began with a history lesson from Barton Biggs. Japan is no stranger to nearly unimaginable disaster, and each event often heralds a major change in the country's direction, says Biggs. And never forget valuation, "the market sells at book value and at half of sales."
Comment![Global & FX, Quick Ideas]
Thursday, April 7, 2011, 11:51 AM
NHK reports 2 of the 3 power systems are out at TEPCO's (TKECF.PK -7.1%) Onagawa nuclear plant. Fortunately, that means one system is working. Kyodo reports no abnormal radiation levels have been detected there.
1 Comment[Global & FX]
Thursday, April 7, 2011, 7:12 AM
At its monthly meeting, the BOJ unveils a $12B lending program to help companies affected by the earthquake. Perhaps expecting more extraordinary measures, shares sell off 1% from their highs and the yen strengthens, +0.5% at ¥84.90.
Comment![Global & FX]
Wednesday, April 6, 2011, 9:06 AM
A secret assessment of the Fukushima plant prepared by the NRC says measures being used to cool the reactors make them more vulnerable to aftershocks as well as increase the chance of explosions. "This paints a very different picture (from Japanese reports), and suggests that things are a lot worse," says a nuclear engineer.
Comment![Global & FX]
Tuesday, April 5, 2011, 5:48 PM
Time more than money will be the key for Japan's recovery from the earthquake, according to a BOJ presentation relayed by Marc Chandler. The BOJ expects insurance companies to sell JGBs, not overseas assets, to fund expected liabilities of $7B.
Comment![Global & FX]
Tuesday, April 5, 2011, 8:21 AM
Concerns over the fate of Japan's fishing industry mount after a fish is caught with dangerously high levels of radiation. Though fishing in the area near Fukushima makes up just a small portion of Japan's catch, guilt by association could put a cloud over the industry for years.
Comment![Global & FX]
Thursday, March 31, 2011, 2:21 PM
Radioactive iodine 10K times the legal limit has been found in the groundwater near the #1 reactor at the Fukushima plant. It is the first time contamination of the groundwater has been confirmed since the March 11 earthquake. Officials say such levels don't pose an immediate threat to human health.
9 Comments[Global & FX]
Wednesday, March 30, 2011, 4:09 PM
Pressure mounts on the Japanese government to extend the 20km (12mi) evacuation zone around the Fukushima plant after the IAEA finds radiation at a village 40km away exceeds the level at which such an action would be called for. "We have advised (Japan) to carefully assess the situation."
2 Comments[Global & FX]
Wednesday, March 30, 2011, 7:16 AM
The yen weakens to ¥83.11, with dollar/yen rising back to the range in which it spent the several months prior to the earthquake. Japanese shares +2.6%, return to just slightly below their pre-earthquake levels. Hitachi (HIT) is a big winner, +8.7% on good news about plant reopenings. Premarket: EWJ +1.1%.
Comment![Global & FX]
Monday, March 28, 2011, 1:10 PM
Concern shifts to contamination of the ocean or ground as highly radioactive water is detected leaking from the Fukushima nuclear reactors. TEPCO says the dangerous level of 1,000 millisieverts per hour has been detected in tunnels underneath the reactors, but they do not flow to the sea.
2 Comments[Global & FX]
Friday, March 25, 2011, 10:54 AM
Overseas investors have been a force behind the sharp rebound in Japanese shares, pouring $11B into the stock market last week, the highest amount since this sort of data has been tracked. The Nikkei is nearly 16% above its panic lows of last Wednesday. EWJ -1.8%.
Comment![Global & FX]
Friday, March 25, 2011, 7:24 AM
Japan's nuclear safety agency denies damage to the containment functions at the #3 Fukushima nuclear reactor even though high-level radiation leaking there appears to have originated at the core. PM Kan says the situation does not yet warrant optimism. Japan +1.1%. Yen is down slightly.
3 Comments[Global & FX]
Thursday, March 24, 2011, 12:11 PM
The poor state of Japanese sovereign finance, interest rates already at 0%, and slower worldwide growth make Japan's recovery from this earthquake more problematic than the 1995 experience, says Mohammad El-Erian, providing a compelling counterpoint to the reflexive buy-the-dip consensus.
6 Comments[Global & FX]