What's up with the value of the YEN?

[Buraku]

Let's not get ahead of ourselves here... America's economy is not in "shambles" hardly... The dollar is falling, sure... Greenspan/Snow/polcy makers, don't really care. This makes our products CHEAP in foreign countries.. Japan is trying to stop the yen from appreciating, so Japans products don't become outrageously expensive outside of Japan, thus hurting their economic recovery. The dollar is weak, with the huge deficits we've occured, it's likely to stay that way, until perception changes in the global markets.. It's all just the market shaking it's self out, you remember when the Euro first came out, and EVERYBODY expected it to rise against the dollar... Well this didn't happen, and many many rich investors lost plenty of money, betting it would.. Now look at it! Everything will work it's self out. Massive deficits take their toll on our currency, but all in all it'a good thing for the US, and a bad thing for the countries our currency is paired against... Japan has spent a record amount of money interviening (buying dollars) to try to keep the dollar propped up agianst the yen, but this can only go so far.. Until the dollar stablilizes against all currencies, it will continue to fall against the Yen.


It sucks, when you have to convert your money, however open a currecny trading account, and start profiting from it, instead of watching your money go down the drain in conversions!

more vids

http://www.youtube.com/watch?v=jWXFc7Li4Wk

http://youtube.com/watch?v=HCuGBvYDdN8

[Buraku]

103.11 today, needs to break that 100 mark before it gets anywhere near 80 Jack

[Torimaro]

I just got here a couple days ago and got it up the pooper at Kansai airport where they were buying USD at 100.43 YEN. STUPID WEAKASS USD!

in San Francisco they were buying USD at 106 YEN, so I should have exchanged there.

the first time i came to Japan (6 yrs ago) they were buying USD at 120 YEN. the fucking salad days man.

[Adhesive]

I just got here a couple days ago and got it up the pooper at Kansai airport where they were buying USD at 100.43 YEN. STUPID WEAKASS USD!

in San Francisco they were buying USD at 106 YEN, so I should have exchanged there.

the first time i came to Japan (6 yrs ago) they were buying USD at 120 YEN. the fucking salad days man.

My first time here it was USD at 133 yen, that was very nice. I just bought yen at 107 to the USD right before comming here a while ago from a Japanese friend who had a bunch sitting around in the States.

[Torimaro]

My first time here it was USD at 133 yen, that was very nice.

those rates make currency speculation seem pretty worthwhile. sit around trading money like its pokemon.

[Buraku]

Japanese Ministers Signal Concern Over Yen's Climb
http://online.wsj.com/article/SB120465592214210787.html?mod=googlenews_wsj

[AlbertSiegel]

It was at 99 today! The Yen is stronger than the USD. Crap for me but great for the family visiting me in the US. Perhaps I will request to be paid in euros from now on....

[IkemenTommy]

Holy shit guys! I need to go out and buy a few Gs worth of dollars tomorrow.

[Buraku]

Japan Economy Quakes Anew As Yen Soars Against Dollar
http://online.wsj.com/public/article/SB120543164157033979-QGVaIae83FmvSMbXdBH_99qKnPU_20080413.html?mod=tff_main_tff_top
Political Gridlock
Hits Tokyo Stocks;
An Upside for U.S.?
By YUKA HAYASHI and JOANNA SLATER
March 14, 2008

The dollar's dive deepened, as it touched a low against the euro and, for the first time since late 1995, briefly bought fewer than 100 yen.

The weak greenback creates a host of problems world-wide, starting in Japan, where a stronger yen threatens exporters and makes a slowdown or recession more likely in the world's No. 2 economy.

Japan is again suffering from a broad sense of drift, after momentum built up under charismatic Prime Minister Junichiro Koizumi, in power from 2001 to 2006. Parliament, split between the two big parties since last year, is in gridlock, leaving the country without a central-bank governor less than a week before the incumbent steps down. The benchmark Nikkei Stock Average is down 19% for the year.

Despite the blow it delivers to Japan, the dollar's steep decline is welcomed by some economists, who say it could help the U.S. reduce its huge trade deficit and thereby shake its $2 billion-a-day addiction to foreign capital. "I think a weaker dollar, if it doesn't spiral out of control, is part of the solution here," said Barry Eichengreen, an economic historian at the University of California, Berkeley.

Prof. Eichengreen's "if" is a big one. The fear now is that the dollar's decline could accelerate and that could shake already rattled markets. Gold, a refuge in times of uncertainty, briefly topped $1,000 an ounce yesterday in one contract, while the benchmark crude-oil futures price topped $110 a barrel....

[Buraku]

Japan Stocks Plunged Under 12,000 line

http://www.ibtimes.com/articles/20080317/japan-topix-nikkei-tse.htm

Japan stocks plunged over 3 percent Monday as the Yen gained strength against the dollar and soaring fears of U.S. credit turmoil.

The 225-issue Nikkei Stock Average dropped 454.09 points, or 3.71 percent, from Friday to 11,787.51. The index closed below the 12,000 line for the first time since Aug. 9, 2005, when it finished at 11,900.32.

The broader Topix index of all First Section issues on the Tokyo Stock Exchange decreased 43.58 points, or 3.65 percent, to 1,149.65, closing at its lowest level since June 13, 2005, when it finished at 1,149.66.

Among all the TSE first section issues, 1,507 issues decreased and 179 issues increased. The trading volume reached 2,452 million stocks or 2,559.9 million yen.

The Japanese Currency is being traded in the level of 97 yen per U.S. dollar. In the morning, the currency was traded in the level of 95 yen per U.S. dollar, marking the strongest yen against U.S. dollar in almost 12 years and 7 months.

Japan stocks showed decline for three-straight trading day, especially mining, oil and consumer finance issues showed sharp decline.

[Buraku]

Japanese exports grow at weakest pace since 2005
http://afp.google.com/article/ALeqM5gQEkGH4qKkKVrW_XhWjDwzLndhVA

Japan to take up rising food prices at G8 summit, WTO
http://www.forbes.com/afxnewslimited/feeds/afx/2008/04/22/afx4916779.html

[FG Lurker]

I'm happy to see the yen finally a bit over par with the dollar... "Happy" is a relative term of course, I'll be a whole lot happier when it hits 110 and then 115...

I think this year is pretty much a write-off though. It is going to take time for things to shake-out and then stabilize.

So, no boat purchase this summer.

[Buraku]

Burning money

The J-gov reportedly spent about 87 Billion in the last few weeks trying to manipulate the Yen back into its old currency position but it hasn't been working so well like it did in the 90s. FBs don't have the same influence anymore and most of them are bought by the Bank of Japan, a bank already riddled with debts. So why isn't Yen currency manipulation working ? Mostly because the Dollar is getting fucked up. The US housing market sucks and Bush has assfucked the Dollar big time, let's hope the next McCain or Obama can fix this shit. Japan normally looks to its export sector to revive growth but today it grows at its slowest pace since 05. Another group of players to consider, the Euro and China factors its these new guys who are becoming the big players on international markets. Chinese make us freak whenever they talk of payback by selling US Treasuries.

This whole insane game could become very expensive for all of us in the near future.

[Catoneinutica]

The US dollar is depreciating like a mofo, and long-term will likely not enjoy the clout it has now. That said, it's probably safe for another ten or so years as the Big Daddy of int'l trade. And for a little context, remember that in 1985 the dollar lost half its value against the yen, and similarly huge amounts against a lot of European currencies. The Yanks learned from the Depression-era Brits that beggaring one's currency is a good way to boost exports.

Japan spending 87 billion dollars to weaken its currency really says a lot about what the gov't thinks of consumers: higher imported-commodity prices have led to higher consumer prices across the board, but the gov't would rather bail out its exporters through a cheaper yen than throw a bone to its consumers by allowing the yen to appreciate (thus reducing import prices).

[FG Lurker]

The J-gov reportedly spent about 87 Billion

87 billion what? Rupees? Pesos? Imaginary currency units?

I take it this information comes from the same random sentence generator that creates most of what you post?

[Jack]

87 billion what? Rupees? Pesos? Imaginary currency units?

I take it this information comes from the same random sentence generator that creates most of what you post?

I believe that was dollars as I read in the papers today. When I read that I thought: what? That's it? The yen market is too huge for a central bank to make a difference by dabbling in it from time to time.

Well, the yen hit a high of 96.3 some weeks ago, close to the 90 I was mentioning but did not go that high, and I think it will test that level perhaps in the fall. For now I see the yen hovering around 100 to 105 range.

[Buraku]

87 billion what? Rupees? Pesos? Imaginary currency units?

Dollars ! Dollars ! Most International trade is done in Dollars, so for now its still dollars but maybe not for long as the Arabs make noise about pricing their stuff in Euros. Currency manipulation isn't just something Fidel Castro does. It happens more often than you think in the free world, back in 2001 when the Yen dropped like crazy, the J-gov wasn't happy about the Stock Market so it intervened heavily on the currency markets and bought large quantities of U.S. government bonds paying something like 200 Billion or close to 20 Trillion yen. Rather than equating currency manipulation to communist countries or bananna republics some economists have labeled this sort of behavior the Japan syndrome. During the Japan's dynamic economic growth years of 70's and 1980s Japanese exports faced in imbalance so they weakened their currency.

Japan spending 87 billion dollars to weaken its currency really says a lot about what the gov't thinks of consumers: higher imported-commodity prices have led to higher consumer prices across the board, but the gov't would rather bail out its exporters through a cheaper yen than throw a bone to its consumers by allowing the yen to appreciate (thus reducing import prices).

What good is a weak currency when your nations has a dependency on cheap imports of metals, timbers or an addiction to Middle Eastern Oil ? If the economy ain't growing it just costs your nation more in the long run. Rapid economy growth allowed Japan to get away with this stunt, but with rising oil prices and a slowing economy this little trick ain't going to work so well anymore. Like the top economists say when the times get tuff devaluation is not the right move and no one has ever succeeded by debasing its currency. Last year Greenspan warned Japan of a coming storm, he said something about yen intervention being incapable of meeting the needs of Japanese people. With gasoline prices soaring and Oil at 112$ per barrel I think somebody should have paid him a little attention.

[Buraku]

For now I see the yen hovering around 100 to 105 range.

J-gov manipulated the Yen, you lost the 80 yen bet.
PAY UP !!

[Catoneinutica]

Compare the reaction of Japan with that of the EU, which has allowed the EURO to rise to what must be exquisitely painful levels for EU exporters.

Yesterday, Japan kept the yen cheap in order to compete with the US and the Europeans; today, it's keeping it cheap to compete with the S. Koreans and the Chinese. Tomorrow it'll be keeping it cheap to compete with...I dunno, the Cambodians? The Pakistanis?

A real race to the bottom there, Japan, Inc. - job well done!

[Jack]

J-gov manipulated the Yen, you lost the 80 yen bet.
PAY UP !!

I never said 80, the number was 90.

[Mulboyne]

IHT: Deflation fight may be over for Japan

Investors dumped Japanese bonds on Friday, betting that the world's biggest central banks were shifting their focus to fight inflation rather than cushion a fragile global economy from the credit crisis. A catalyst for the sales was the news that annual inflation in Japan hit 1.2 percent in March, the highest rate in a decade, on soaring energy costs. Investors were heartened that Japan's fight against deflation may be over, but they were also wary that the Bank of Japan would not be in a position to cut interest rates to support a fragile Japanese economy. The main Japanese futures contract suffered its biggest daily fall in almost five years, prompting the first-ever trading halt...Signs of a changing outlook for major interest rates had been cropping up over the past few days, but data on Friday showing a rise in Japanese core inflation might have produced a tipping point. The data convinced bond market investors that bets on a possible interest rate cut by the Bank of Japan went the wrong way and, in fact, markets began factoring a modest rate increase...more...

[nottu]

[Buraku]

Yen Rises Against Euro as Carry Trades Pared on Global Slowdown

http://www.bloomberg.com/apps/news?pid=20601087&sid=a9ynv5uUyKt8&refer=home

The yen rose to a two-week high against the euro as faltering global growth and a slump in Asian stocks prompted traders to pare holdings of higher-yielding assets funded in the Japanese currency.

The currency advanced the most versus the Australian and New Zealand dollars, favorites of so-called carry trades, on speculation the nations' central banks will cut interest rates. The euro fell per dollar on speculation a report today will show slumping German retail sales, undermining the case for the European Central Bank to raise borrowing costs.

``There emerges concern the U.S. slowdown will cause a global recession,'' said Toru Umemoto, chief currency strategist in Tokyo at Barclays Capital Inc., a unit of Britain's third- biggest bank. ``With commodity prices falling, currencies such as the Australian dollar are vulnerable. The yen is being buoyed by risk reduction.''

The yen rose to 167.51 per euro at 6:05 a.m. in London from 168.39 late yesterday in New York. It earlier touched 167.45, the highest since July 17. The dollar weakened to 107.66 yen from 107.91. The euro slid to $1.5563 from $1.5603.

The MSCI Asia-Pacific Index of regional shares dropped 1.9 percent as former Federal Reserve Chairman Alan Greenspan said U.S. home prices are ``nowhere near the bottom.'' A Labor Department report today may show companies cut employees for a seventh month in July.

[nottu]

[Greji]

``There emerges concern the U.S. slowdown will cause a global recession,'' said Toru Umemoto

former Federal Reserve Chairman Alan Greenspan said U.S. home prices are ``nowhere near the bottom.''

The U.S. is not in a recession. Growth for the last two quarters has been slow but it was "growth". A recession is two quarters in the red. That has not occurred. I wonder why so many are trying so hard to make it a recession in the US. Bird wants it just to get Obama elected, but people with any intelligence (which immediately eliminates Bird) know that it is not a recession.

[nottu]

[Charles]

[nottu]

[pheyton]

Charles is right, the current Admin. in the US has manipulated the numbers beyond belief. Current unemployment figures are more like 8% and inflation is around 10-12%. They will twist the numbers anyway they can to make the admin look good.

From Nouriel Roubini's( Professor of Economics and International Business
Stern School of Business, New York University) site:

This forum has argued for a while that the US recession started in Q1 of 2008 and that this long and protracted U-shaped recession (lasting 12 to 18 months as opposed to the consensus for a short and shallow 6 months V-shaped recession) could turn into a double-dip recession because $100 billion of tax rebates would be a temporary drug that would boost consumption in Q2. Indeed, the figures published today – a 1.9% GDP growth in Q2 – confirm this W-shaped path.

<b>More importantly the revisions of 2005-2008 GDP figures now show that the economic recession may have started in Q4 of 2007 – rather than Q1 of 2008 – as GDP contracted at the annualized rate of 0.2% in that quarter. While Q1 of 2008 was positive (+0.9%) it is clear that the economy was already into a recession in Q1. The reason why the recession started in Q4 of 2007 or – at the latest in Q1 of 2008 – are clear. </b>

http://www.rgemonitor.com/blog/roubini/

Be glad you are in Japan, because America, California, looks like a damn depression. I can't remember seeing so many for sale and for rent signs in my life. And we have just begun to enter this depression. Further bank collapses, billion dollar writes offs and continual decline in real estate means things are going to get a lot worse here, before they get better.

America is also buried in Credit debt, whether it be in your home equity loan or your credit cards. This is going to be the next bubble to pop. We have negative savings rate and have maxed out our cards. There is no more money for the average American. Expect major defaults on those accounts to occur soon further sending this country into the crapper.

Obama may be able to lighten the effects of all of this, but nothing is going to stop it.

[nottu]