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Japan’s August housing starts +20.5% YoY, better than the +10.5% expected
By Sean Lee || September 30, 2010 at 05:11 GMT
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15 Responses to “Japan’s August housing starts +20.5% YoY, better than the +10.5% expected”
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HiSean and good day do you think in the afernoon when US reports are realeased we will see USD/JPY go higher thanks or in the near future ,i appreciate if you reply
thank s
Forget the USD/JPY long , likely to test 80.00in a months time
Bad JPY data this morning had little effect to JPY, where good data made it even more strong!
@paradeep why do you think so
Market is just waiting for any opportunity to strengthen the yen. It ignores any news that can weaken yen and any good data to jpy will be pounced upon. Now we are not even hearing Japanese officials’ voices. If there were no threat of intervention, uj will have been 80 by now.
Japan : economy over stressed , out put falling , U S is floating on Q E, How could Jp can wage a war on all fronts with out weapons read money ????? Coming TUESDAY the world will know there limitations !!!!
@paradeep that’s the question if the Japanes economy is overstressed, output falling and strengthining yen will worse the situation how do people perceive it as one of the safe heaven currencies on the earth?
Because of convention and a trade surplus, nothing else. In the medium to long term though, the JPY will be completely trashed – no doubt from my side. In a rather non-diversified portfolio, there are only three sufficiently large currencies that at all can act as real safe havens: EUR, JPY and USD. CNY should be one, and when it finally will, this will improve the situation and markets will become more efficient. The USD is being abused by the U.S. government, thus putting strong pressure on the remaining two: EUR and JPY, even though its not suitable right now given the fundamentals.
BOJ has pretty much drawn the line in the sand with a printing press backing them up so I wouldn’t pick up the yen, rather the opposite…
Well said john !! In time of crisis saving (assets) gets evaporated fast & left the holder thinking what went wrong .As far as my thinking goes China will try fight out tooth & nail to brow beat everyone .the major causality : Japan . Survivor obviously either USD or euro depending upon the proper measure each one has to take if taken
I also started to think that the government is putting pressure on the BOJ for further QE by not asking intervention.
you guys talking long term fundamentals, no doubt justified. But that doesn’t explain the market behaviour over the last few days / weeks. What we’re seeing is short term opportunism to test the will of the BoJ. A bit like the market testing the BoE in 1991 (under different circs, but a speculative attack nonetheless).
Interestingly, not much comments from BOJ or related officials like before. real quiet before the storm?
@pandu agreed. And BOJ/MOF prove that they are incomptent to deal with market despite the fact that the market gave them really good chances to stop this trend or slow it. They missed those chances. They even wasted their first intervention by allowing yen appreciation faste than EUR against USD in the last 2 days. So I am not ven sure that BOJ will do anything now. Or they know something we don’t know. May be they know that those speculators who are yen long are desperately need BOJ intervene to exit their position so BOJ decided not to intervene. I am just kidding. I just can’t reasonable explanation other than the fact that BOJ understood that it is too weak to intervene. But only 20 billion USD purchase depreciated yen more 4%. Or Last week only a few USD purchases pushed dollar 100 pips up in a couple of minutes.
@think: I just have a principle not to underestimate anybody, and I would say the Japanese establishment in general and the BoJ are not fools. We don’t know the reasons, but there would be reasons. As we all know, and they know, it is better to intervene with the sentiment supporting you, like sailing with the wind behind you. Intervening right now is like pissing in the wind. And if you know markets, you can be 100% sure that sentiment will turn around sooner or later. Who remembers that as late as July everyone was sure the euro is headed for parity with the usd? My motto: ours not to reason why, ours just to trade the tide.