Posts Tagged ‘Japanese yen’
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 »
April 28, 2022
In the first post about the YEN/YUAN, we discussed the current significance of the cross, and with it a rising dollar. Now we will provide CONTEXT and NUANCE as to the backdrop of this cross’s significance. It is easy to forget that the Chinese economic miracle is only 40 years old as it began under the direction of DENG in 1978-79 and his rise as China’s leader. By 1994 China is beginning to feel the positive effects of Deng’s policies of white cat/black cat in pursuing modernity and western-style economic growth.
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Tags:China, Chinese Yuan, Federal Reserve, intervention, Japan, Japanese yen, U.S. Dollar, Yen/Yuan cross
Posted in China, Currency, Fed, Japan, United States | 4 Comments »
April 1, 2022
This week I had the extreme pleasure of recording a Financial Repression Authority podcast with Zoltan Poszar (moderated by Richard Bonugli, of course). We covered the entire global scene from yield curves, petro dollars and the underlying basis to all fiat money transactions. It is worth a listen to learn that the fabricated, algo-driven headlines are not the contextual basis of major shifting sands in the global financial system. There is far more nuance locked underlying the moves by policy makers around the world.
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Tags:BOJ, Federal Reserve, Japan, Japanese yen, SNB, Swiss franc/yen, Zoltan Pozsar
Posted in Central Banks, Currency | 7 Comments »
October 17, 2021
It has been six weeks since there has been “wisdom” from NOTES as the Jewish Holy Days gave pause to refresh and recharge the cerebral engine. Let’s hope the time away has borne the fruit that I was seeking to consume. We are posting a podcast I recorded with Professor Barry Eichengreen, one of the best economic historians in the land. His work on the GOLD Standard and the Great Depression is worth a read. It was an honor and privilege to be able to sit in conversation with the Financial Repression Authority’s Richard Bonugli as moderator.
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Tags:BOJ, Christine Lagarde, ECB, Euro, Fed, global debt, Gold, Japanese yen, Podcast, U.S. Dollar
Posted in Debt Market, Fed | 18 Comments »
June 2, 2021
Every G-7 or G-20 meeting homage is paid to the idea of free markets via the market driven value of each nation’s currency. This is hogwash of the highest order in the world of central bank asset purchase programs. The clarion call is that QE is a domestic-based program meant to meet the inflation target set by the nation’s policy makers and any impact on a nation’s currency is just unintended consequences of keeping a country out of a potential disinflationary cycle. Every central bank statement except the U.S. has a sentence or two about the relative value of a nation’s currency and if too strong then concern about a strong currency being a headwind in meeting the illusion and capriciousness of that 2% inflation target.
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Tags:Australian dollar, China, Chinese Yuan, G-7, Japan, Japanese yen, negative real yields, PBOC, Reserve Bank of Australia, yuan/yen cross
Posted in China, Currency, Japan, PBoC | 15 Comments »
February 7, 2021
There was another round of somewhat positive unemployment data on Friday. The U.S. release was tepid but juxtaposed with the Canada data it would seem robust. The Canadian jobs number was dismal on its face as 213,000 jobs were lost and the unemployment rate jumped to 9.4% from 8.6%, although a slight increase was expected (around 8.9%). The U.S. unemployment rate dropped to 6.3% from 6.7% with a slight gain in nonfarm payroll of 49,000, although much of that was in public sector employment. Average hourly earnings rose 0.2% but of greater interest was the increase in average hours worked, which reached a highest in history according to the Liscio report at 35 hours.
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Tags:30-year Treasury bond, Federal Reserve, fiscal stimulus, Japanese yen, Jerome Powell, Larry Summers, U.S. Dollar, U.S. nonfarm payrolls
Posted in Currency, United States | 23 Comments »