Posts Tagged ‘yen’
First the Japanese Yen and then Gold – There is No Safe Haven Currency Panacea
Beware of the one-way, one-speed runaway train! Usually in the normal chain of events the train stops, lets the passengers off, turns around, and starts going the other way. In a rare circumstance, all hell breaks loose and the train can’t be turned around and runs off the track and over the cliff. In the…
Read MoreYen Intervention Take Three – Reminder That There Are No Safe Haven Currencies
Japanese leaders intervened for the third time this year as JPY strength below 77 yen/usd is clearly constraining a recovery in the world’s third largest economy. Japanese Finance Minister, Jun Azumi, announced a unilateral move with an additional pledge to keep selling in the future. The action took place because Japan believes the yen strength…
Read MoreOhayou Gozaimasu! Moody’s Downgrades Japan
Moody’s came out today and downgraded Japan’s Sovereign Credit Rating from Aa2 to Aa3 based on the size of its deficit and large buildup of government debt. As a result of this downgrade, a number of Japanese banks and insurance companies will be downgraded by Moody’s as well. This news will make much less of…
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