The Yen-mpire Strikes Back
The Phantom Menace, Photosynthesis, Game Plan update
In the original Star Wars Trilogy, it took 3 episodes to defeat the evil Empire. Since then, every 10-15 years, Star Wars makes new episodes but they are never as good as the originals. However, we still watch them and suffer through them, just in case they are worth it. They never are.
Fast forward to today, and the “Yen Carry Trade” and the evil “Yen-mpire” have been defeated after 3 trading sessions. Coincidence? I think not.
My guess is, that like Star Wars, we will have to suffer through future episodes of the Evil Yen-mpire, but they won’t be as good as the “original” we just experienced.
The Macro-Monkeys, just like Star Wars fans, will be getting excited with every move and expect the next “Big One” but … it’s just not going to be the same.
The comments by BOJ’s Uchida scream of capitulation:
“We won’t raise interest rates when financial markets are unstable…As we’re seeing sharp volatility in domestic and overseas financial markets, it’s necessary to maintain current levels of monetary easing for the time being.”
But the photo of the ‘emergency’ MOF-BOJ-FSA meeting, was really the money shot:
Look at those resigned faces! They aren’t even wearing ties! In modern-day Japan this must be the equivalent of committing Seppuku in front of the Emperor back in the times of the Samurai.
In fact, the only people who look more resigned than the Japanese Policy Makers, must be the fans of the original Star Wars trilogy, still waiting for a worthwhile episode…
Meanwhile, now that the monkeys are obsessed with the Yen Carry trade, they are oblivious to the risk of getting body-bagged in so many other ways…