Posts Tagged ‘intervention’

Notes From Underground: OPEN LETTER TO FINANCE MINISTER AZUMI–IT IS THE EURO/YEN AZUMI-SAN

October 31, 2011

Last Monday in NOTES, the possibility of YEN intervention was discussed following the news of VW overtaking Toyota in the race for gaining market share. It was not GM, Chrysler or Ford that overtook Toyota but VW, a EURO based auto producer. Sunday evening, the BOJ, under the direction of Finance Minister Jun Azumi, moved to intervene in the FX to attempt to stem the continued strength of the YEN. The initial round of intervention has worked as the YEN futures on the IMM dropped 300 points on a one minute bar and never recovered. In its most recent interventions, the effort by the Ministry of Finance failed as Japanese investors continued to repatriate money as the global financial situation remained so uncertain.

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