February 19, 2013 | Daily JAM, Morning Briefing |
Is sterling next up in the currency wars? The pound hit a new 7-month low against the dollar today. The biggest driver comes from a change at the top of the Bank of England where Mark Carney will be more willing to tolerate higher inflation than his predecessor
February 18, 2013 | Daily JAM, Morning Briefing |
The New York stock markets are closed today but there was big action in Tokyo overnight. The Japanese yen resumed its decline, falling 0.5% against the U.S. dollar to 93.92 to the dollar. Japanese stocks moved up in reaction with the Nikkei 225 Index gaining 2.09%
February 16, 2013 | Uncategorized |
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February 14, 2013 | Daily JAM, Morning Briefing |
As expected, the Bank of Japan decided to lie low today ahead of tomorrow’s meeting of leaders of the G20 economies. Japan’s central bank kept interest rate policy steady, didn’t increase its asset purchases, and didn’t pour any verbiage on the currency wars fire.
February 12, 2013 | Daily JAM, Morning Briefing |
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February 9, 2013 | Uncategorized |
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February 8, 2013 | Daily JAM, Morning Briefing |
Traders are using comments by Japanese Finance Minister Taro Aso that the yen has fallen too fast as a reason to take profits in Japanese stocks today. The target of Aso’s comments is next week’s meeting of the leaders of the G20
February 7, 2013 | Daily JAM, Short Term |
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February 5, 2013 | Daily JAM, Stock Alerts |
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February 5, 2013 | Daily JAM, Morning Briefing, Short Term |
The Japanese yen hit a two-and-a-half year low against the U.S. dollar today on news that Masaaki Shirakawa, the governor of the Bank of Japan, is stepping down from his post on March 19, a month early. That will give Prime Minister Shinzo Abe an earlier than expected chance to put a candidate committed to his strategy of weakening the yen in control of Japan’s central bank.
January 24, 2013 | Daily JAM, Short Term |
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January 23, 2013 | Morning Briefing, Short Term |
Remember that the new government of Prime Minister Shinzo Abe faces elections for the upper house of Parliament in July. Abe’s party, the Liberal Democrats, currently does not have a majority in the upper house (the House of Councillors) of the Diet. Abe very much wants to win a majority in the upper house because that would diminish the power of opposition parties to block his legislative program.