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Tuesday, May 1, 2012, 10:10 PM "Why did 10-year Treasurys yield 14% under the vice-like grip of iron-man Volcker, but yield just 1.8% under ... Weimar-like Bernanke," asks Hugh Hendry, defining his weapons in the global macro business as irony and paradox. Hendry's latest investor letter describes China's epic, credit-fueled binge, and why the crisis that started in the U.S. and moved to Europe, is about to end in Asia - and how he's playing it by buying CDS on Japanese corporations. 6 Comments [Global & FX]
Tuesday, May 1, 2012, 8:59 AM "If you think the ministry is talking its eyes off the market, feeling there is little it can do about the yen's gain, you're wrong," says a MOF official after BOJ easing moves and "verbal intervention" have failed to reverse a rally in the currency. Currency traders are feeling their oats, believing only a far weaker dollar (say ¥75 instead of current ¥79.8) will bring about anything stronger than talk. Comment! [Global & FX]
Tuesday, May 1, 2012, 3:16 AM Japan's Nikkei closes down 1.8% to 9,350.95, amid a strengthening yen, eurozone uncertainty and concerns over U.S. economic growth. Markets in China, India, Singapore, Taiwan and Indonesia are closed for public holidays. Comment! [On the Move, Global & FX]
Monday, April 30, 2012, 10:45 AM The dollar dips below ¥80 for the first time in 2 months as one of 2012's favorite shorts - the yen - burns a few bears. After falling more 10% in a straight line in February and early March, the yen has recouped much of the loss due to: 1) the BOJ again being too timid with easing, or 2) a leading indicator of renewed global financial stress. FXY +0.6%. Comment! [Global & FX]
Friday, April 27, 2012, 7:06 AM Dude, where's my weaker currency? After the BOJ gives the market what it wanted in the form of a 33% bigger QE program, the yen gets even stronger, the greenback off 0.4% to ¥80.67. "The leopard doesn't change its spots," says Tim Condon, "(The BOJ) doesn't view monetary accommodation as a cure capable of reversing Japan's deflation." 4 Comments [Global & FX]
Friday, April 27, 2012, 2:50 AM The Bank of Japan leaves its rates unchanged and expands asset purchases by ¥10T to ¥40T. USD -0.36% to ¥80.74. (BOJ statement - .pdf) 2 Comments [Global & FX, Top Stories]
Thursday, April 26, 2012, 10:48 AM A failure by the BOJ to expand its asset-purchase program at tomorrow's policy meeting "would be a disaster for communication," says former board member Atsushi Mizuno. He argues Japanese banks - heavily exposed to firms struggling with the strong yen - are a bigger threat to the nation than a sell-off in JGBs. The yen is surging today, the greenback -0.7% to ¥80.78. Comment! [Global & FX]
Thursday, April 26, 2012, 12:52 AM Japan could face rolling blackouts and forced usage cuts this summer if temperatures are higher than normal, cautions Economy Minister Yukio Edano. The country is set to shut its last operating nuclear plant next month. Over the coming decades, Japan "should move away from its reliance on nuclear power as quickly as possible." 3 Comments [Global & FX, Energy]
Tuesday, April 24, 2012, 4:26 AM The Bank of Japan is likely to ease monetary policy on Friday, sources say, by increasing its ¥30T ($370B) asset purchase program by ¥5T or ¥10T. The bank may also extend the maturity of government bonds it buys to around three years from the current two years. Comment! [Global & FX]
Friday, April 20, 2012, 11:00 AM With the BOJ under criticism for worrying more about the state of its balance sheet than the economy, ZH goes to the tape. Turns out, the BOJ's assets foot to nearly 30% of the Japanese economy (compared to the Fed's 19%), suggesting years of modest easing have bloated the balance sheet, but done nothing to reverse deflation. Expect the next easing to be a big one. Comment! [Global & FX]
Friday, April 20, 2012, 2:33 AM The Bank of Japan thinks protecting its own balance sheet is more important than ending deflation and spurring growth, says Heizo Takenaka, the former minister who led a clean-up of the nation’s banks. Economists have recently raised questions about the consistency of BOJ's policies. Comment! [Global & FX]
Thursday, April 19, 2012, 3:18 AM Japan swung to a trade deficit of ¥82.6B ($1.02B) in March from surpluses of ¥170.9B a year earlier and ¥29.3B in February. The forecast was for a ¥223.1B deficit. Exports +5.9% Y/Y to ¥6.20T vs. consensus of -2.4%, boosted by the weaker yen, and increased demand from the U.S. for automobiles and parts. Imports +10.5%.
Comment! [Global & FX, Top Stories]
Thursday, April 12, 2012, 6:24 AM "The BOJ will pursue powerful easing" in order to reverse deflation and ensure sustainable growth, Governor Masaaki Shirakawa pledges. Shirakawa faces pressure from politicians for further stimulus, with one saying it would weaken the yen more effectively than currency intervention. 3 Comments [Global & FX]
Wednesday, April 11, 2012, 12:04 PM The exuberance over a seemingly new Fed-like attitude at the BOJ fades as the yen restrengthens, the Nikkei hits a 7-day slide, and traders wonder if anything has really changed at the central bank. Monetary policy may not be a cure-all, but, says HSBC's Frederic Neumann, "the BOJ needs to follow its words with action." Comment! [Global & FX]
Tuesday, April 10, 2012, 8:26 AM The yen retraces even more of its February to mid-March weakness after the BOJ did not announce new easing measures overnight. Market chatter was rife with rumors of action, and inaction forced yen shorts to cover. Dollar/yen -0.5% to ¥81.05, the lowest level in over a month. FXY +0.5% premarket. Comment! [Global & FX]
Tuesday, April 10, 2012, 3:38 AM Japanese PM Noda says the government will start holding meetings on overcoming deflation. Reports suggest the meetings will begin as soon as this month, and that BOJ Governor Masaaki Shirakawa will attend as an observer. Comment! [Global & FX]

JSC SPDR Russell/Nomura Small Cap Japan ETF

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SPDR Russell/Nomura Small Cap Japan ETF