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Sunday, April 7, 8:31 PM The yen (FXY) tumbles another 1% vs. the dollar as a new report suggests the BOJ plans to move fast and move big with JGB purchases. Buying less than ¥93 moments before the BOJ announced aggressive new easing measures Thursday, the dollar this moment is worth ¥98.51. The Nikkei adds 2.8% in early Tokyo trade, giving it a middling 8.6% gain since Thursday. 16 Comments [Global & FX, On the Move]
Friday, April 5, 3:54 AM Japanese shares jumped as high as 4.7% and passed the psychologically important 13,000 level for the first time since August 2008 before pulling back somewhat to close +1.6% at 12,834 as investors cashed in. Shares continued to be boosted by the BOJ's plan for aggressive monetary easing, which also pushed the yen to as low as 97 to the dollar before the rate moderated to ¥96.39.
Comment! [Global & FX, Top Stories, On the Move]
Thursday, April 4, 11:03 AM It's a true "regime change" at the BOJ, says Citigroup, commenting on the central bank's new easing measures overnight. Gone is any hint of concern about monetizing government paper, and up next may be additional stimulus in the form of equity purchases and loans to small and medium-sized enterprises. The yen (FXY -3.6%) continues a whopper of a move lower, the dollar now at a session-high ¥96.38. The currency-hedged Japan stock ETF (DXJ) gains 7.5% vs. the unhedged EWJ +3.8%. 4 Comments [Global & FX, On the Move]
Thursday, April 4, 2:07 AM The Nikkei (NKY) surges and the yen (FXY) plummets after the Bank of Japan starts firing the heavy artillery in its battle against deflation. Under new Governor Haruhiko Kuroda, the BOJ is changing its target when setting policy from the overnight call rate to the monetary base, which the bank aims to double within two years by purchasing ¥60-70T of assets a year, including government bonds of all maturities and not just short-term debt. The plan is open-ended and was unanimously approved. The Nikkei is +1.3% after being lower earlier, while the dollar is +1.5% vs the yen. (PR) 14 Comments [Global & FX, Top Stories, On the Move]
Wednesday, April 3, 3:07 AM Haruhiko Kuroda has been chairing his first board meeting as the Governor of the Bank of Japan, with expectations high that the BOJ will push ahead with more powerful easing. However, prior to the two-day meeting, which ends tomorrow, Kuroda was reportedly finding it difficult to build a consensus about how far the bank should go. Kuroda might be able to force through his ideas but he risks dividing the board. Comment! [Global & FX, Top Stories]
Tuesday, April 2, 10:23 AM "It's too good of a long-term strategic play to try and get cute," says Jeff Gundlach, advising not to try and time his long Japanese stocks/short yen idea even as it's seemingly run too far too fast. The DXJ - maybe the ETF story of the year (along with sponsor WETF) - tumbled 5% yesterday, hit by a combination of a diving Nikkei and rising yen (FXY). Comment! [Global & FX, Quick Ideas]
Tuesday, April 2, 7:58 AM The yen surged and Nikkei dove following the Japanese PM's caution about reaching his 2% inflation target, but both are recovering (Nikkei futures at least as Tokyo is now closed). Not a softening in his hard line about devaluation, Abe's comments can be better read as "expectations management," writes David Keohane. The yen (FXY) is back to flat on the session. EWJ +0.4%, though the Nikkei fell 1% overnight. Comment! [Global & FX]
Monday, April 1, 12:20 PM Disappointing economic reports in both the U.S. and Japan are helping the yen post gains against the dollar. Japanese stocks, which have been highly correlated to movements in the dollar-yen pair of late, fell more than 2% to a 3-week low leading some to question whether the rally in Japanese-focused ETFs is now a thing of the past. 1 Comment [Global & FX]
Monday, March 25, 10:09 AM As with the U.S., aggressive monetary easing in Japan is not translating into falling government bond prices, especially when the easing is the central bank buying government bonds. The 10-year JGB (JGBL, JGBT) yield falls to 0.55%, the lowest in about a decade even as a new regime has made devaluation of the yen its key economic policy. Top-gaining Japanese ETFs last week: DFJ +4.3%, JSC +4.2%, SCJ +3.4%, FJP +3.2%. 1 Comment [Global & FX]
Friday, March 22, 8:04 AM The Nikkei dives 2.4% and the yen (FXY) strengthens 0.4% as new BOJ Governor Kuroda's ex-colleagues express doubt about his vows to hit a 2% inflation target. Included was the man formerly known as Mr. Yen for his ability to divine (and drive) the currency's moves - Eisuke Sakakibara - saying the inflation rate "will never reach 2% ... the deflation is structural." EWJ -0.6% , DXJ -0.4% premarket. 2 Comments [Global & FX, On the Move]
Wednesday, March 13, 5:56 AM Japan's main opposition party, the DPJ, plans to oppose the nomination of Kikuo Iwata as the Deputy Governor of the Bank of Japan in a vote on Friday. Support from smaller parties should enable the government to win approval for Iwata - who's considered to be a strong advocate of easing policies - in the upper house, where it lacks a majority. However, that's not stopped the yen from strengthening and shares from falling. The Nikkei closed at -0.6% and the dollar is -0.3% at ¥95.78. Comment! [Global & FX]
Friday, March 8, 7:18 AM The yen (FXY) resumes its bear market, tumbling 1% vs. the dollar to its weakest level since 2009 - the dollar now buying ¥95.74. The Nikkei responds, gaining 2.6% overnight, also to levels not seen since 2009. EWJ - unhedged against the currency - up just 0.3% premarket. Keep an eye on DXJ for the big movement today. 1 Comment [Global & FX]
Thursday, March 7, 2:50 AM As widely anticipated, the Bank of Japan has left its monetary policy unchanged in Masaaki Shirakawa's last meeting as governor, with the BOJ's key interest rate staying at 0-0.1% and its asset asset-purchase program at ¥101T. The real action is expected to come at the bank's next meeting in early April, which is set to be led by prospective governor and uber dove Haruhiko Kuroda. (PR) Comment! [Global & FX, Top Stories]
Tuesday, March 5, 4:58 PM Gundlach: Japan is the "pace car" in the great global debasement race, he says, continuing to be bullish on Japanese stocks (EWJ, DWJ) and bearish on the yen (FXY). One interesting slide shows an explosion higher in consumer confidence there since Abe made his yen devaluation policy clear. He's not bearish on JGBs however, as the BOJ - like the Fed - has a big checkbook and can buy up all the debt the government can issue. Comment! [Global & FX]
Monday, March 4, 1:20 PM More on Gundlach: "Can you imagine (the President) walking around the U.S. saying 'I'm going to inflate. I want to inflate. My policy is inflation," he asks. That's what the President wants, says Gundlach, but at least he doesn't say it. In Japan, the PM is actually saying it. He sees the yen (FXY) headed to 200 to the dollar (93.37 now). 2 Comments [Global & FX, Quick Ideas]
Sunday, March 3, 9:02 PM Haruhiko Kuroda - nominated to be next BOJ governor - ratchets up expectations for the central bank's first meeting under his leadership (April 3-4), telling parliament he will do whatever it takes to end deflation. Adding a bit of humor to his confirmation hearing, he says the BOJ's easing isn't aimed at weakening the yen. Dollar/yen -0.1% at ¥93.43. The NIkkei +0.7%. 9 Comments [Global & FX]

JPP SPDR Russell/Nomura PRIME Japan ETF

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SPDR Russell/Nomura PRIME Japan ETF