Wednesday, September 28, 2016

Mr. Yen Loves Yen

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Japan is out of bullets.
They've tried and tried to weaken the yen but it's going the other way.
When Mr. Yen says the yen is getting stronger, what else is there to say.

We've been bullish on the yen pointing out that the BOJ is out of ammunition. A main driver of their policy was to weaken the yen. A weaker yen makes imports more expensive which is good for inflation. It makes their exports cheaper which is good for their economy. It was a nice thought but it's turned on them. And now, Mr. Yen, who's correctly predicted the yen confirms the BOJ is out of bullets and the yen is about to strengthen further. What more do you need to know?
Mr. Yen
Former Vice Finance Minister of Japan Eisuke Sakakibara has been an axe on the yen. No wonder he's lovingly known as Mr. Yen. Early this year he called the yen to reach 100. He was right.
Here's his update.
"The yen would probably have a slow appreciation, so that I would not be surprised to see the dollar at 90 yen at the end of next year. At the very least, monetary easing is getting exhausted. They've been doing it for a long time. The effect is getting weaker and weaker."
Ah, music to our ears.
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