Posts Tagged ‘Bank of Japan’
June 19, 2023
A giant hello and salutations from Notes From Underground.
It has been quite a long time since I have sat down to write about the state of things, but it is not because I haven’t been working. In fact, I have recorded numerous podcasts with the Financial Repression Authority over the last six weeks, sitting down with David Rosenberg, Michael Every and Kevin Muir. Links are below for your listening pleasure.
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Tags:Bank of Japan, currency manipulators, Japanese yen, Ministry of Finance, Yen crosses
Posted in Asia, BoJ, Currency | 6 Comments »
April 24, 2023
I have a hypothesis of major significance:
As the markets have seesawed for the past six weeks one asset has been consistent: the EUR/YEN cross. The SVB fallout coupled with concern about savings fleeing from other regional and community banks has subsided, allowing for the global equity markets to slough off concerns over undue leveraged risks causing further pain for investors. The Credit Suisse writedown on AT1 bonds — contingent convertibles or COCOS — has dissipated sending the EURO and SWISS currencies to recent highs against the DOLLAR, and, more importantly, versus the YEN.
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Tags:Bank of Japan, euro/yen cross, Federal Reserve, Japanese yen, Kazuo Ueda, YCC, yield curve control
Posted in BoJ, Central Banks, ECB, Fed | 6 Comments »
September 25, 2022
As I go into hiatus I am posting a PODCAST recorded on September 20 with world renown Professor Dr. Alhajji, in which we discuss global energy and its implications on global politics and finance. The Financial Repression Authority, under the auspices of Richard Bonugli, has provided a wonderful platform for allowing me to discuss the most relevant global macro topics with the leading thinkers in the realm. The wisdom of Mr. Bonugli allows for ferreting out investment ideas — both long and short — to help provide insight and profit for readers of NOTES FROM UNDERGROUND. Enjoy the podcast and I look forward to writing after the period of the Jewish Holidays as I’m in need of deep introspection. Wishing those who celebrate a coming year of health, peace and prosperity, and for those of other beliefs I wish you the same.
— Yra
Click on the link to view the podcast.
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Tags:Bank of Japan, Fed Funds, Federal Reserve, Japanese yen, Jerome Powell, US dollar, yield curves
Posted in Currency, Fed, United States | 20 Comments »
October 31, 2021
I’m posting this week’s podcast with the highly respected Peter Boockvar. This is one of the best interviews we’ve done with Richard Bonugli as we get into foreign currency, yield curves, energy policy surrounding nuclear power plants, and as usual, an in-depth discussion on precious metals.
The podcast was recorded Tuesday, prior to the interest rate decisions from the Bank of Canada, the Bank of Japan and the European Central Bank.
Click here to listen to the podcast.
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Tags:Bank of Canada, Bank of Japan, Christine Lagarde, ECB, Euro, Fed, forward guidance, global bond yields, inflation
Posted in Central Banks, Currency, Debt Market, ECB | 6 Comments »
December 22, 2019
As we head into the global macro uncertainty of 2020, equity markets continue to elevate due to central bank liquidity additions. One year ago, U.S. equities suffered large losses, which some attributed to the FED firing its DOUBLE SHOTGUN of interest rate increases with QUANTITATIVE TIGHTENING (Druckenmiller/Boockvar).
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Tags:Bank of England, Bank of Japan, ECB, Federal Reserve, global equities, Jerome Powell, Keynes, QE, Riksbanken, Swiss National Bank, Thomas Jordan
Posted in Central Banks, Equity | 23 Comments »
October 28, 2019
Equity markets on Monday sustained their global rally as markets across Asia, Europe and the United States powered higher, even as the political backdrop continues to foment greater uncertainty. This week brings three key central bank meetings: The Bank of Canada, the Federal Reserve and the Bank of Japan. (more…)
Tags:Bank of Canada, Bank of Japan, Canadian Dollar, Fed Funds Rate, Federal Reserve, JGBs, repo operations, Treasury bill purchases, U.S. Dollar
Posted in BOC, BoJ, Currency, Fed | 5 Comments »
April 28, 2019
In the past week, we have heard from the Bank of Canada and Bank of Japan. There were no surprises as both institutions noted softness in the global economy. The BOC, as reported by Bloomberg, “fully abandoned its bias toward raising interest rates at the economy grapples with a slowdown.” The BOC overnight rate remains at 1.75 percent, which is deemed appropriate by the Governing Council until the global economy removes some of the uncertainties it is struggling to overcome.
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Tags:Bank of Canada, Bank of Japan, Chinese Yuan, Gold-backed bonds, negative rates, President Xi, Risksbank, Shinzo Abe, SNB, Thomas Jordan, U.S. Dollar, U.S./Japan trae talks
Posted in Central Banks, China, Currency | 26 Comments »
February 24, 2019
More than two decades ago, then-Fed Chairman Alan Greenspan said, “I know you think you understand what you thought I said but I’m not sure you realize that what you hear is not what I meant.”
It seems that the cacophony of Fed speakers on Friday accomplished what the so-called Oracle did by his own design .The headlines pulled out the narrative of the FED leaving a larger balance sheet and more reserves thus allowing for more liquidity in the U.S. financial system. Equity markets, bond markets and hard assets all experienced a sigh of relief and rallied in anticipation of removal of what Druckenmiller referred to as the double-barrel approach of FED tightening policy. Fed Vice Chairman Richard Clarida spoke about the FED‘s use of balance sheet and forward guidance dynamics as two exceptional tools the Fed used to combat the Global Financial Crisis. If policy was already at the “effective lower bound” the Fed may invoke a Bank of Japan-type policy of yield curve control (YCC) by capping the rates on longer maturities.
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Tags:Bank of Japan, China, Chinese Yuan, Federal Reserve, Japanese yen, PBOC, Richard Clarida, Simon Potter, superforecasting, trade
Posted in BoJ, Currency, Fed, PBoC | 11 Comments »
March 14, 2011
The news for most of the day was about Japan and the continuing despair as a result of Friday’s earthquake and tsunami. Markets were fixated on the problems of the nuclear reactors that were severely damaged by the tsunami and whether or not there was going to be a meltdown of the core. The talking heads were dragging out the experts from central casting. Each had an axe to grind on whether they were pro- or anti-nuclear energy. I am certainly no nuclear expert but the best research that was sent my way focused on the importance of the 72-hour period as being the most critical. Hopefully, those nuclear experts are correct and the most significant danger has passed. Many pundits offered opinions that this was the end of the nuclear energy debate for no citizens would want the reactors built in their areas.
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Tags:Bank of Japan, Brazilian debt, dual mandate, earthquake, ECB, extended period, Fisher, FOMC, France, Japan, Kobe Earthquake, nuclear reactors, oil, Plosser, SWFs, U.S. Treasury, Yen
Posted in Currency, Debt Market, ECB, Federal Reserve, Japan | 8 Comments »