[lbo-talk] 105 the line in the sand once again

[Brad Mayer]

I was wrong, thinking the BoJ/MoF****rs would wait until 100.  But Uncle 
Sam's favorite ATM machine (on credit) appears to have kicked in at just 
above105, the same line as last year.  Should have watched the USD index, 
not the yen.  USD has gone thru its Feb 2004 lows, and the next test is at 
80 (set in early 1995 - the year of Clinton's Mexican bailout, when all this 
still unresolved bubble trouble began).

http://news.ft.com/cms/s/3e145396-33a6-11d9-a728-00000e2511c8.html

"The market was focused on currency rates as the yen tumbled sharply 
overnight to Y107 against the dollar from Y105.9, sparking unsubstantiated 
rumours of ministry of finance intervention."

Pretty damn sharp "correction".

Of course these days all truths are unsubstiantiated rumors.

Now the really interesting thing is, will Japan intervention succeed in 
putting some kind of bottom on the USD, or will Japan go down with the ship, 
heh, heh.

-Brad Mayer