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Demand For Big Bills Soars As NIRP-Fearing Japanese Stuff Safes With 10,000-Yen Notes
Demand For Big Bills Soars As NIRP-Fearing Japanese Stuff Safes With 10,000-Yen Notes Earlier this week, we were amused but not at all surprised to learn that Japanese citizens are buying safes like they’re going out of style. The reason: negative rates and the incipient fear of a cash ban. “Look no further than Japan’s […]
Steen Jakobsen: The End Of The Debt Cycle
Steen Jakobsen: The End Of The Debt Cycle As transformational as the fall of the Berlin Wall As we’ve been watching closely, something is wrong with the big banks. Their shares have lost 25-33% of their market value since the beginning of the year. What’s going on? The turmoil seems greatest in Europe, where bank […]
Safes Sell Out In Japan, 1,000 Franc Note Demand Soars As NIRP Triggers Cash Hoarding
Safes Sell Out In Japan, 1,000 Franc Note Demand Soars As NIRP Triggers Cash Hoarding Negative rates may not have found their way to bank deposits in most locales (yet), but that doesn’t mean the public isn’t starting to see the writing on the wall. At first, NIRP was an anomaly. An obscure policy tool […]
Revolt against NIRP Breaks out, Bank of Japan “Baffled”
Revolt against NIRP Breaks out, Bank of Japan “Baffled” Meanwhile, exports collapse at fastest rate since 2009. This would be hilarious, if it weren’t so serious: Frazzled politicians, during a parliamentary session, lambasting the governor of their central bank over its new negative interest rate policy. But this is what happened in Japan. Central-bank imposed […]
Why Did Japanese NIRP Cause Such Surprise In the Currency Market and Is It More Dangerous?
WHY DID JAPANESE NIRP CAUSE SUCH SURPRISE IN THE CURRENCY MARKET AND IS IT MORE DANGEROUS? The Bank of Japan announcement of NIRP sent shock waves through currency markets The Yen has strengthened on capital repatriation since the BoJ move JGB 10 year yields turned negative this week Longer-term the Yen will weaken At the […]
Japanese Trade Data Collapses, Crushes “Devalue Our Way To Prosperity” Dreams
Japanese Trade Data Collapses, Crushes “Devalue Our Way To Prosperity” Dreams Seriously – how many more times can a central bankers’ policies be exposed for the total sham that they are? Japanese trade data was just unleashed on the world… and it is abysmal. *JAPAN JAN. EXPORTS FALL 12.9% Y/Y Notably worse than the expected […]
Benn Steil: Could China Have a Reserves Crisis?
BENN STEIL: COULD CHINA HAVE A RESERVES CRISIS? Last summer, U.S. lawmakers were condemning China for pushing down its currency, arguing that it was still “terribly undervalued.” But those days may be long gone. Chinese and foreigners alike have been stampeding out of RMB, leaving the Chinese central bank struggling to keep its value up and prevent […]
Peter Pan Is Dead – Japanese Economy Stalls For 6th Time In 6 Years
Peter Pan Is Dead – Japanese Economy Stalls For 6th Time In 6 Years We just cannot wait for the next time either Abe or Kuroda utter the following string of words “[stimulus – insert any combination of equity buying, bond buying, money printing, and NIRP] is having the desired effect.” For the sixth time in the last […]
Central Banks Are Trojan Horses, Looting Their Host Nations
Central Banks Are Trojan Horses, Looting Their Host Nations A Nobel prize winning economist, former chief economist and senior vice president of the World Bank, and chairman of the President’s council of economic advisers (Joseph Stiglitz) says that the International Monetary Fund and World Bank loan money to third world countries as a way to force […]
The Negative Rates Club
The Negative Rates Club BRUSSELS – For the better part of a decade, central banks have been making only limited headway in curbing powerful global deflationary forces. Since 2008, the US Federal Reserve has maintained zero interest rates, while pursuing multiple waves of unprecedented balance-sheet expansion through large-scale bond purchases. The Bank of England, the […]
Negative-Interest-Rate Effect already Dead, Central Banks Lost Control over Stocks
Negative-Interest-Rate Effect already Dead, Central Banks Lost Control over Stocks And there’s a bitter irony. The Bank of Japan’s surprise Negative-Interest-Rate party for stocks set a new record: it lasted only two days. Today a week ago, the Bank of Japan shocked markets into action. As the economy has deteriorated despite years of zero-interest-rate policy […]
Kuroda Suggests “No Limit” To More NIRP Measures To Stall Japanese Bond Yields, Stocks, USDJPY Plunge
Kuroda Suggests “No Limit” To More NIRP Measures To Stall Japanese Bond Yields, Stocks, USDJPY Plunge With Nikkei 225 down 800 points from post-NIRP highs and USDJPY having almost roundtripped, there is little wonder that Japanese government bond yields are collapsing to imply considerably deeper NIRP to come. With 10Y JGBs on the verge of a […]
Behold Unintended Consequences: Japan Cancels 10Y Auction For First Time Ever Due To Sub-Zero Rates
Behold Unintended Consequences: Japan Cancels 10Y Auction For First Time Ever Due To Sub-Zero Rates Dear Bank of Japan, how do you spell unintended consequences: PLANNED MARCH SALE OF 10-YEAR JAPANESE GOVERNMENT BONDS THROUGH BANKS TO BE CANCELED AMID EXPECTED BELOW-ZERO YIELDS – NIKKEI JAPAN’S MINISTRY OF FINANCE IS EXPECTED TO ANNOUNCE WEDNESDAY THE FIRST-EVER […]
Negative Interest Rates Already In Fed’s Official Scenario
Negative Interest Rates Already In Fed’s Official Scenario Over the past year, and certainly in the aftermath of the BOJ’s both perplexing and stunning announcement (as it revealed the central banks’ level of sheer desperation), we have warned (most recently “Negative Rates In The U.S. Are Next: Here’s Why In One Chart”) that next in […]
Who Warned “Be Careful What You Wish For… If Interest Rates Go Negative”
Who Warned “Be Careful What You Wish For… If Interest Rates Go Negative” Now that the Bank of Japan has joined other central banks such as Denmark, Sweden, the ECB, and Switzerland into pushing its rates into what until just two years ago was considered the monetary twilight zone below the zero bound, and in […]
