Just another Friday? Ummm no. It is the last Friday before the end-of- -the-quarter, and no one with meaningful interests in Yen weakness is going to drop the ball here and now. Not after having positioned and driven, and yes, drilled (See chart above and photo below) the Yen (and any remaining longs) into the direction of painful oblivion.
Performance league tables, sticky incentive fee marks, etc. are too valuable to be left to the vagaries chance. And like the infamous ex-Nazi dentist depicted right, Vice-Minister Fujii has continued to campaign of rhetoric and hyperbole "warning" that tax receipts will likely fall short of official estimates, which perhaps can be seen as MoF anti-venom to Mr Yen's comments imploring the gov't to normalize rates.
But How does the Ministry of Finance manage this relentless compaign
spinning every stat and information innovation such that it is seen as either deflationary outright negative for the Yen? I believe that I've found the answer. You see the Ministry of Finance has engaged a team of heroic experts such dark arts, a photo which I've managed to garner (see left). Famous 1960s Japanese hero, "Ultraman" (center) is seen here with his secret team.
I used to love Ultraman in its dubbed US form. More to the point, the selling from domestic retail is R-E-L-E-N-T-L-E-S-S. I and, I imagine, a whole host of others feel underivested in the short yen trade. Even the good old dependable funding turd the CHF has caused a bit of pain today, thanks to the SNB finally taking their heads out of their own....sand.
ReplyDeleteIt's interesting that the MOF is claiming a revenue shortfall. What, one wonders, is their YTD p/l on their reserve portfolio? Y6 trillion seems a reasonable estimate...
Ultraman was cool, and I can remember how badly I wanted one of those "things" that Hayata used to transform himself. But man it must have been sticky in that costume during the Tokyo Summer!
ReplyDeleteWikipedia tells me it was called a "Beta Capsule". It was defintely the coolest "thing" until George Lucas ared the Jeddi with
Light-Sabers