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BOJ Hilkes, Market Yawns

February 21, 2007
The Bank of Japan raised the overnight call rate by 25 bp to 0.50% and the yen sold off. Expectations had been nearly evenly divided. Early in the session, Japanese media reported that BOJ Governor Fukui had proposed a rate hike. The market reacted by taking the dollar from JPY120.50 to JPY119.75. The dollar had then stabilized until the actual an…
BOJ Hilkes, Market Yawns BOJ Hilkes, Market Yawns Reviewed by magonomics on February 21, 2007 Rating: 5
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Fading of the Home Bias: The Unappreciated Story

February 16, 2007
Investors have traditionally shown a preference for their own markets. This is perfectly understandable. Invest in what you know best, is often the advice of professionals. However, liberalization of capital markets and the pursuit of better returns have seen the home-bias fade. This is especially noteworthy in Japan, one of the world’s largest cr…
Fading of the Home Bias: The Unappreciated Story Fading of the Home Bias: The Unappreciated Story Reviewed by magonomics on February 16, 2007 Rating: 5
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Gaming G7

February 09, 2007
Over the last couple of weeks we have consistently argued that the European finance ministers were setting up the market for disappointment if the G7 statement does not single out Japan or express concern over the weakness of the yen. We had thought such disappointment would hit the yen hard. However, the price action has been such where we now su…
Gaming G7 Gaming G7 Reviewed by magonomics on February 09, 2007 Rating: 5
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Eyes on the Prize: Yuan not Yen

February 05, 2007
There is much focus on the upcoming G7 meeting. European finance ministers have bemoaned the yen’s weakness. The US policy toward China prevents it from being sympathetic towards Europe’s concerns.
Eyes on the Prize: Yuan not Yen Eyes on the Prize: Yuan not Yen Reviewed by magonomics on February 05, 2007 Rating: 5
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Currencies Should Reflect Fundamentals, I love Mom, and Apple Pie

January 26, 2007
Who can disagree with such platitudes? And yet officials appear to think they are saying something substantive when they say foreign exchange prices should reflect fundamentals. Of course they should. Can they do anything but reflect fundamentals? The issue is not fundamentals versus something else, but which set of fundamentals.
Currencies Should Reflect Fundamentals, I love Mom, and Apple Pie Currencies Should Reflect Fundamentals, I love Mom, and Apple Pie Reviewed by magonomics on January 26, 2007 Rating: 5
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