Yentervention Part 2011: Dollar Yen Surges After Ministry Of Finance Sells Just Under Y500 Billion

• Japan Intervened in Yen, Nikkei Says
• Japan Intervened to Sell Yen, Finance Minister Noda Says
• Yen Falls as Much as 1.8% to 78.43 Per Dollar After Intervention
• Japan’s Intervention Was Unilateral, Finance Minister Noda Says
• MOF sold under Y500 billion in intervention: 2 dealers
• Noda Says He Hopes Bank of Japan Will Take Appropriate Actions

More On The 2011 Edition Of US-Japan Open Currency Warfare: "This Is Just The Beginning"

According to Credit Suisse, this is just the beginning of Transpacific central banking warfare. Per Dow Jones: "The Japanese Ministry of Finance's JPY-selling operation Thursday may be the first in a series of interventions over the coming weeks to curb further rises in the unit, and may have come Thursday in part as the Swiss National Bank's move Wednesday to weaken its own currency made it easier for Japan also to step in, says Koji Fukaya, director of fixed income and global foreign exchange research at Credit Suisse. "This may be the start of a number of actions, depending on the yen moves in the weeks ahead," Fukaya says. The SNB's move Wednesday means Japan's own move "could be considered as a kind of coordinated action" in response to broad USD weakness, he says. As traders say the MOF has so far sold under Y500 billion, Fukaya says the total size ahead could rise as high as Y2 trillion, though the move Thursday should be enough to send USD/JPY above 79.00 later, where it should stabilize in coming sessions. The pair is now at 78.32, from 77.10 earlier." To anyone trading in these 100% correlated markets, which are now nothing but a battleground for those who yield the global electronic fiat printing presses, good luck.

David Rosenberg: The Recession Is A Virtual Certainty And Here Is How To Trade It

David Rosenberg released an emergency note today, in addition to his traditional morning piece, in which the sole topic is the upcoming recession, which he says is now a "virtual certainty". He also says what Zero Hedge has been saying for month: that 2011 is an identical replica of 2010, but with the provision of modestly higher inflation, which needs decline before QE3 is launched. Sure enough, a major market tumble will fix all that in a few days, and ironically we can't help but continue to wonder whether the Fed is not actively doing all in its power to actually crash the market to about 20% lower which will send practically flatten the treasury curve and give Bernanke full reign to do as he sees fit. However, as long as the BTFD and mean reversion algos kick in every time the market makes a 2% correction, such efforts are doomed, which in turn makes all such dip buying futile. We give the market a few more weeks before it comprehends this. In the meantime, with each passing day in which "nothing happens", the recession within a depression looms closer, and soon it will be inevitable and not all the money printed by Bernanke will do much if anything (except to terminally wound the dollar). In the meantime, for those who wish to prepare for the double dip onset, here is Rosie's checklist of what to do, and what not.





The Fed and ECB's Fatal Mistakes Will Cost Us Dearly

Posted by: Phoenix Capital...

Post date: 08/03/2011 - 22:19

  My primary point over the last year: that at some point the markets will no longer respond to any Fed intervention, because it will be clear that the Fed can’tsolve the problems facing... 

 

 

 

 

 

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