JAPAN: Dennis Gartman of TGL discusses Japan and the yen, retaining
a bearish yen view, and reminds that just recently, the BOJ upped the
amount of yen available for FX intervention by Y5 tn, $56 bn. While a
relatively modest addition to the FX intervention fund, he further
reminds that fund stands at a very ample Y140 tn. “Japan’s intervention
history is to intervene to weaken the Yen when it is already beginning
to falter,” he says, though he stops short of suggesting that such
intervention is imminent.