Posted on 10/30/2011 8:53:14 PM PDT by blam
ALERT: Yen Plunges Big-Time After Japan Intervenes In The Market
Joe Weisenthal
Oct. 30, 2011, 9:50 PM
After watching its currency hit new post-WWII high after post-WWII high against the dollar, finally Japan has moved to intervene.
Here's a chart of the dollar vs. yen via FinViz. As you can see, the dollar has surged against the yen in the past few minutes.
The super-strong yen has been a source of major consternation for Japanese exporters, for whom the strong yen has made business difficult. Nintendo, for example, blamed the super-strong yen for a quarterly loss.
(Excerpt) Read more at businessinsider.com ...
very very dire.
Wake up Barry
that’s just algebra.
Thats like saying its a bad thing if stocks you own in a company go up. Its better if the stock goes down, so we can be “richer”
That BOJ intervention is simply colossal. Enormous. My beeber is stuned.
Our pal copper is getting whacked pretty good along with Au & Ag, but at least copper is well off $3.
I have 3 oz of Platinum off at a refiner. That’s $150 out of my hide, right there.
Lost jobs and opportunities are the price America pays for Japanese protectionism.
No doubt, Japan got the go ahead for this by Boehner failing to pickup the Senate's lead on China.
That’s a very misleading graph. If the “Y” axis extended down to zero, we’d be looking at a much less dramatic picture.
Heck, I remember when the U.S. dollar was actually considered currency back in the 80’s. While stationed in Japan, it was 200+ yen per $1.00 (U.S). 76 yen/dollar just tells me how much our currency has been devalued since then.
Monster move. Hope no one is long the Stock Market Monday.
Hmmmm... Where have I heard that before?
The Japanese have to do this, because they are getting whacked by US fiscal policy. It’s a race to see who can devalue their currency faster.
The DJIA goes into the crapper again tomorrow, I’ll bet.
Japan said 82 was the limit. It intervened at 81. How long did that last?
78 was the next limit. Japan bought at 75.
It never lasts compared to the magnitude of the FX.
Switzerland did make good on its threat to buy unlimited Swiss Francs. Then it just threatened to peg the Swissy to the euro. Japan has its limits.
yitbos
Tomorrow should be interesting!
"Japan last intervened to drive down the yen on August 4, selling a record 4.5 trillion yen. However the effects were short-lived and the currency quickly resumed its climb amid concerns over the U.S. and European economies.
Azumi declined to say Monday how much the government was spending on the current intervention."
yitbos
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