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‘Carbon bomb’: Westpac, National Australia Bank under fire for bankrolling Woodside, BHP’s Scarborough LNG

January 19, 2022

‘Carbon bomb’: Westpac, National Australia Bank under fire for bankrolling Woodside, BHP’s Scarborough LNG

Anti-gas sentiment remains across Australia as banks continue to invest in farming the resource. Credit: AAP

Bankers have been accused of “industrial-scale greenwashing” by financing a huge new gas field.

But National Australia Bank and Westpac insist they’re on board with the global push for net-zero emissions.

Woodside and BHP signed a $16.5 billion offshore LNG joint venture in November, which will cement another 30 years of gas exports from Australia.

Woodside has now completed the sale of a 49 per cent stake in the infrastructure that will process the new gas onshore at a $5.6 billion expansion of the existing Pluto facility near Karratha in the Pilbara.

The developers say the eight million tonne per annum Scarborough project will be among the lowest carbon intensity sources of LNG for North Asian customers, with its 11.1 trillion cubic feet of gas.

The first LNG cargo from Pluto Train 2 is targeted for 2026.

Investor activist organisation Market Forces says some of Australia’s biggest banks are funding a “carbon bomb” on the scale of 15 heavy emitting coal power stations spewing out pollution for three decades.

Campaigner Jack Bertolus said the “industrial-scale greenwashing” also poses unacceptable risks to fragile marine life and irreplaceable Murujuga Aboriginal rock art, which is under consideration for World Heritage Listing.

Ethical investors – big and small – are looking for genuinely sustainable and environmentally friendly places to put their capital.

Lenders and industry are keen to oblige.

“Climate action is everyone’s job. NAB wants to be part of the solution. We fully support net zero by 2050,” NAB has said as a member of the global Net Zero Banking Alliance.

Some groups, including Market Forces, are being given a seat at the corporate table to share concerns.

…click on the above link to read the rest of the article…

Bank Crisis Hits India: “Bank Stops Functioning, People Crying Outside Bank Branches”

October 5, 2019

Bank Crisis Hits India: “Bank Stops Functioning, People Crying Outside Bank Branches”

The Punjab Maharashtra Co-operative Bank (PMC), in India, has been caught cooking the books and misreporting non-preforming loans (NPL) of Mumbai-based real estate developer Housing Development and Infrastructure Ltd (HDIL). As Reuters reports, PMC hid the bad loans with 21,000 fictitious accounts, which has spooked depositors, investors and government officials,

Reuters learned about the massive fraud through a complaint filed with the Economic Offences Wing (EOW) of Mumbai Police earlier this week, alleges that PMC concealed $616 million in NPLs.

BloombergQuint said PMC’s loan book had a 73% exposure to HDIL’s failed real estate dealings.

“The actual financial position of the bank was camouflaged, & the bank deceptively reflected a rosy picture of its financial parameters,” said the complaint, noting that the fictitious loan accounts were not entered into the bank’s core banking system – a factor key in the perpetration of a $2 billion fraud at Punjab National Bank that was uncovered in 2018, said Reuters.

The complaint says PMC’s Chairman Waryam Singh and its Managing Director Joy Thomas were at the center point of the fraud. It also names HDIL’s former senior executives Sarang Wadhwan and Rakesh Wadhwa, who were the recipients of the real estate loans.

As recession fears intensify in India, the PMC banking crisis has ignited the debate among government officials that the banking sector could be headed for turmoil.

The Reserve Bank of India (RBI) took over PMC last week and has prevented the bank from new loan creation, while nearly 900,000 depositors have been informed that capital controls are being placed on their accounts for six months.

Dozens of videos have been uploaded to social media this week, detailing how depositors are being locked out of their accounts, some fear the worst, as the bank has likely failed.

…click on the above link to read the rest of the article…

Metro Bank Teeters after Bond Sale Fails. Shares Collapsed 95%

September 30, 2019

Metro Bank Teeters after Bond Sale Fails. Shares Collapsed 95%

Hedge-fund manager Steven Cohen and Michael Bloomberg are among those ruing the day they bought the crushed shares of the UK bank touted as a “bargain.”

Even by its own recent standards, Metro Bank has had a torrid week. On Monday, shares of the British retail bank tumbled 5%, on Tuesday, 25%, on Wednesday, 5%, and on Thursday, 4.5%, before staging a brief comeback in the final hours of trading on Friday, to end the week 35% lower. By Friday morning, it was the second most-shorted stock on the FTSE all shares index, behind the collapsed travel & vacation-giant Thomas Cook.

The main trigger for this week’s rout was the bank’s failure on Monday to raise a much-needed £250 million by issuing non-preferred bonds that deeply skeptical investors spurned. Despite trying to lure buyers with an interest rate of 7.5%, double the rate of similar offerings, Metro only attracted £175 million worth of orders, prompting the embattled lender to pull the plug on the bond sale.

“Failure to get enough support for a product that is yielding 7.5% is quite remarkable when you consider how investors are struggling to find generous levels of income in the current market,” said Russ Mould, the investment director of AJ Bell. “It suggests that investors don’t trust the bank or they believe the 7.5% yield is simply not high enough to compensate for the risks of owning such a product.”

Metro Bank opened for business in 2010, becoming Britain’s first new high street bank in over 100 years. One of a handful of so-called “Challenger Banks” — new retail lenders created after the crisis to provide a little more banking competition in a country where the five biggest banks control a staggering 85% of the market — Metro Bank proved particularly adept at luring disillusioned clients from the big banks.

…click on the above link to read the rest of the article…

Chinese Bank With $100 Billion In Assets Is About To Collapse

July 25, 2019

Chinese Bank With $100 Billion In Assets Is About To Collapse

While the western world (and much of the eastern) has been preoccupied with predicting the consequences of Trump’s accelerating global trade/tech war and whether the Fed will launch QE before or after it sends rates back to zero, Beijing has quietly had its hands full with avoiding a bank run in the aftermath of Baoshang Bank’s failure and keeping the interbank market – which has been on the verge of freezing – alive.

Unfortunately for the PBOC, Beijing was racing against time to prevent a widespread panic after it opened the Pandora’s box when it seized Baoshang Bank, the first official bank failure in an odd replay of what happened with Bear Stearns back in 2008, when JPMorgan was gifted the historic bank for pennies on the dollar.

And with domino #1 down, the question turned to who is next, and could it be China’s Lehman.

As a reminder, back in May, shortly after the shocking failure of China’s Baoshang Bank (BSB), and its subsequent seizure by the government – the first takeover of a commercial bank since the Hainan Development Bank 20 years ago – the PBOC panicked and injected a whopping 250 billion yuan via an open-market operation, the largest since January. Alas, as we said at the time, it was too little to late, and with the interbank market roiling, with Negotiable Certificates of Deposit (NCD) and repo rates soaring (in some occult cases as high as 1000%) we said that it’s just a matter of time before another major Chinese bank collapses.

We Are Neutral on Chinese Equities, Says Bank of Singapore’s Malik

…click on the above link to read the rest of the article…

A Bank With 49 Trillion Dollars In Exposure To Derivatives Is Melting Down Right In Front Of Our Eyes

July 19, 2019

A Bank With 49 Trillion Dollars In Exposure To Derivatives Is Melting Down Right In Front Of Our Eyes

Could it be possible that we are on the verge of the next “Lehman Brothers moment”? Deutsche Bank is the most important bank in all of Europe, it has 49 trillion dollars in exposure to derivatives, and most of the largest “too big to fail banks” in the United States have very deep financial connections to the bank. In other words, the global financial system simply cannot afford for Deutsche Bank to fail, and right now it is literally melting down right in front of our eyes. For years I have been warning that this day would come, and even though it has been hit by scandal after scandal, somehow Deutsche Bank was able to survive until now. But after what we have witnessed in recent days, many now believe that the end is near for Deutsche Bank. On July 7th, they really shook up investors all over the globe when they laid off 18,000 employees and announced that they would be completely exiting their global equities trading business…

It takes a lot to rattle Wall Street.
But Deutsche Bank managed to. The beleaguered German giant announced on July 7 that it is laying off 18,000 employees—roughly one-fifth of its global workforce—and pursuing a vast restructuring plan that most notably includes shutting down its global equities trading business.
Though Deutsche’s Bloody Sunday seemed to come out of the blue, it’s actually the culmination of a years-long—some would say decades-long—descent into unprofitability and scandal for the bank, which in the early 1990s set out to make itself into a universal banking powerhouse to rival the behemoths of Wall Street.

These moves may delay Deutsche Bank’s inexorable march into oblivion, but not by much.

…click on the above link to read the rest of the article…

Global Banking Stocks Are Crashing Hard – Just Like They Did In 2008

October 23, 2018

Global Banking Stocks Are Crashing Hard – Just Like They Did In 2008

Global stocks are falling precipitously once again, and banking stocks are leading the way. If this reminds you of 2008, it should, because that is precisely what we witnessed back then. Banking stocks collapsed as fear gripped the marketplace, and ultimately many large global banks had to be bailed out either directly or indirectly by their national governments as they failed one after another. The health of the banking system is absolutely paramount, because the flow of money is our economic lifeblood. When the flow of money tightens up during a credit crunch, the consequences can be rapid and dramatic just like we witnessed in 2008.

So let’s keep a very close eye on banking stocks. Global systemically important bank stocks surged in the aftermath of Trump’s victory in 2016, but now they are absolutely plunging. They are now down a whopping 27 percent from the peak, and that puts them solidly in bear market territory.

U.S. banking stocks are not officially in bear market territory yet, but they are getting close. At this point, they are now down 17 percent from the peak…

Monday early afternoon, the US KBW Bank index, which tracks large US banks and serves as a benchmark for the banking sector, is down 2.5% at the moment. It has dropped 17% from its post-Financial Crisis high on January 29.

Of course European banking stocks are doing much worse. Right now they are down 27 percent from the peak and 23 percent from a year ago. The following comes from Wolf Richter…

But unlike their American brethren, the European banks have remained stuck in the miserable Financial Crisis mire – a financial crisis that in Europe was followed by the Euro Debt Crisis. The Stoxx 600 bank index, which covers major European banks, including our hero Deutsche Bank, has plunged 27% since February 29, 2018, and is down 23% from a year ago

…click on the above link to read the rest of the article…

Russian Depositors On Edge After Second Major Bank Fails In Under A Month

September 20, 2017

Russian Depositors On Edge After Second Major Bank Fails In Under A Month

If once is happenstance, twice is coincidence, and three times is a full-blown collapse in the financial system, then Russia may be getting close.

Just three weeks after Russia bailed out its largest and very politically connected private bank, Otkritie, after an unexpectedly acute bank run resulted in the bank’s near-collapse, already nervous Russian depositors shifted their attention to another domestic lender, and earlier today Russia’s B&N Bank, the country’s 12th biggest lender by assets, also sought a bailout from the central bank. While it is unclear how much this bailout would cost Russian taxpayers, when the central bank took over Otkritie last month, it said it might need up to $6.9 billion, the biggest ever bailout in the country.

B&N Bank, which is controlled by Russian oligarch Mikhail Gutseriev and was not on the central bank’s list of systemically important lenders, said it had under-estimated the problems within the banks it had bought during an expansion drive. “Our objective is, with the support of the central bank … to conduct an effective financial rehabilitation of the bank,” said Mikail Shishkhanov, who was named as chairman of B&N Bank, whose assets account for 2 percent of the Russian banking system, according to ratings agency Fitch.

Mikhail Gutseriev

Some background on the now defunct bank: B&N Bank, founded in 1993, is [or rather was] part of a sprawling conglomerate controlled by energy tycoon and billionaire Mikhail Gutseriev – said to be worth over $6 billion – that includes oil firms, a property development portfolio and an electronics retailer.

The bank embarked on an expansion drive after 2010, buying smaller lenders including Moskomprivatbank, Rost Bank, SKA-Bank before completing its biggest deal in 2016, a merger with MDM Bank, one of Russia’s largest lenders.

…click on the above link to read the rest of the article…

The world’s most powerful bank issues a major warning

September 7, 2017

The world’s most powerful bank issues a major warning

In 1869, a 48-year old Jewish immigrant from the tiny village of Trappstadt in Germany’s Bavaria region hung a shingle outside of his small office in lower Manhattan to officially launch his new business.

His name was Marcus Goldman, and the business he started, what’s now known as Goldman Sachs, has become the preeminent investment bank in the world with nearly $1 trillion in assets.

They didn’t get there by winning any popularity contests.

Goldman Sachs has been at the heart of nearly every major banking scandal in recent history.

The company has settled lawsuits on countless charges, ranging from exchange rate manipulation, stock price manipulation, demanding bribes from their own clients, front-running retail customers, and just about every shady business practice that would put money in their pockets.

Yet throughout it all, Goldman Sachs has been protected from any serious punishment by its friends in highest offices of government.

Four out of the last eight US Treasury Secretaries, including the current one, have formerly been on the payroll of Goldman Sachs.

Three current Federal Reserve Bank presidents are Goldman Sachs alumni.

The current president of the European Central Bank and the current head of the Bank of England are both former Goldman Sachs employees.

You get the idea.

On its face, there’s nothing wrong with government staffing its departments with top executives from the private sector; taxpayers would probably rather have someone who knows what s/he’s doing behind the desk rather than some random guy off the street.

But the consequent favoritism that results from this revolving door is blatant and repulsive.

Case in point: in 2008 when the financial system was going up in flames and most banks were suffering enormous losses, the government orchestrated a sweetheart bailout deal, of which Goldman was the primary beneficiary.

…click on the above link to read the rest of the article…

Is Another Spanish Bank about to Bite the Dust?

June 11, 2017

Is Another Spanish Bank about to Bite the Dust?

Stockholders and junior bondholders fear a “bail-in.”

After its most tumultuous week since the bailout days of 2012, Spain’s banking system is gripped by a climate of fear, uncertainty and distrust. Rather than allaying investor nerves, the shotgun bail-in and sale of Banco Popular to Santander on Tuesday has merely intensified them. For the first time since the Global Financial Crisis, shareholders and subordinate bondholders of a failing Spanish bank were not bailed out by taxpayers; they took risks in order to make a buck, and they bore the consequences. That’s how it should be. But bank investors don’t like not getting bailed out.

Now they’re worrying it could happen again. As Popular’s final days showed, once confidence and trust in a bank vanishes, it’s almost impossible to restore them. The fear has now spread to Spain’s eighth largest lender, Liberbank, a mini-Bankia that was spawned in 2011 from the forced marriage of three failed cajas(savings banks), Cajastur, Caja de Extremadura and Caja Cantabria.

This creature’s shares were sold to the public in May 2013 at an IPO price of €0.40. By April 2014, they were trading above €2, a massive 400% gain. But by April 2015, shares started sinking. By May 2017, they were trading at around €1.20.

But since the bail-in of Popular, Liberbank’s shares have seriously crashed as panicked investors fled. Scenting fresh blood, short sellers were piling in. On Friday alone, shares plunged another 17%. At one point, they were down 38% before bouncing at the close of trading, much of it driven by the bank’s own share buybacks:

In the last three weeks a whole year’s worth of steadily rising gains on the stock market have been completely wiped out. The main causes of concern are the bank’s high risk profile and low coverage rate.

…click on the above link to read the rest of the article…

Unaware and Misinformed–Exactly How They Like Us

January 13, 2017

UNAWARE AND MISINFORMED – EXACTLY HOW THEY LIKE US

I should start this out with a disclaimer. I worked as a financial planner and stock broker for 25 years and really didn’t begin to grasp the true mechanics of the financial system until nearly 10 years in. It took even longer for the magnitude of the crony capitalist corruption to sink in. I was indoctrinated by book and exam, scored extremely high in the various licensing and accreditation examinations (meaning I had fully swallowed my programming) and successfully parroted what I had learned.

It was only when the stink from the long dead skunk in the woodpile became overwhelming and could no longer be ignored did I begin to probe and seriously question both the financial ‘authorities’, the prevailing financial meme and myself. So when I come across others who are following the same path while blindfolded I am not casting stones. Instead, I am illustrating how we are all deeply immersed in many alternative reality memes even as I focus on this one in particular.

That said, let me begin.

I walked into a branch of ‘my’ bank the other day to make a deposit. It was mid afternoon and clearly a slow period for the bank because there were four tellers available and not another ‘customer’ in sight. Proving to all I was well trained and obedient, I followed the velvet and gold rope lined customer cattle chute and waited passively at the head of the ‘line’ to be summoned.

Thankfully the wait was not long.

The teller (Anna) greeted me pleasantly (obviously grateful for the distraction I afforded her) and asked how she could be of assistance. Stating my purpose, I plopped down my fake fiat and promptly engaged her in small talk. Having worked in the main branch of a bank as the resident financial planner (aka financial product salesman) for nearly ten years, I fully understand how monotonous the teller position can be at times.

…click on the above link to read the rest of the article…

Italy To Nationalize Monte Paschi After Private Sector Rescue Fails

December 21, 2016

Italy To Nationalize Monte Paschi After Private Sector Rescue Fails

Update: the FT writes that the Italian govt set to take a stake between 50% and 70% in Monte dei Paschi, up from the current 4% stake, as part of the government’s third bailout in as many years. As the FT adds, “the government rescue, which had long been resisted in Rome, is designed to draw a line under the slow-burn crisis in Italian banking that has alarmed investors and become the main source of concern for European financial regulators.”

It remains to be seen if Germany, long a critic of state bailouts, will be as agreeable.

Meanwhile, Pier Carlo Padoan, the Italin finmin, insisted that apart from a few “critical” situations, Italy’s banking system was “solid and healthy”. He vowed to “minimise, if not erase” any impact of the public intervention on the savings of ordinary citizens.

* * *

The third bailout, and re-nationalization, of Italy’s third largest banks is imminent following a Reuters report that the ongoing, JPM-led attempt to execute a complex private sector bailout of Monte Paschi has failed.

According to Reuters, Qatar’s sovereign wealth fund, long considered as the most likely anchor investor with a €1 billion allocation in any rescue plan cash call, decided it is unwilling to invest in the Italian bank, meanwhile Monte Paschi has been unable to find a replacement investor willing to put money in its privately funded rescue plan, less than 24 hours before the offer ends.

As a result, the bank entire share sale, which closes at 2 p.m. (1300 GMT) on Thursday, has drawn very little interest from the wider investment community.

As laid out previously, the bank needs to raise €5 billion by the end of this month to avert being wound down. The Italian government, which earlier today got a greenlight to issue €20 billion in public debt to use for bank bailout purposes, is expected to step in this week and nationalize the bank.

…click on the above link to read the rest of the article…

Canada’s Fourth Largest Bank Erases $1 Billion In Excess Capital In Unexpected Accounting Gimmick

October 4, 2016

Canada’s Fourth Largest Bank Erases $1 Billion In Excess Capital In Unexpected Accounting Gimmick

Early in 2016, when oil prices were plunging and when US banks were careful to push up their loan loss reserves to exposed E&P loans, we noted something surprising: Canadian banks had barely taken any loss reserves to their exposure in the oil and gas sector.

As and RBC report calculated at the time, if they used the same average reserve level as that applied by US banks, Canadian banks’ current loss allowance excluding RBC would surge from $170MM to over $2.5 billion, resulting in a substantial hit to earnings, and potentially impairing the banks’ ability to service dividends and future cash distributions.

For months this discrepancy persisted even as oil remained well below last year’s levels, leaving Canadian bank watchers stumped as to just how Canadian banks planned to pull this particular “Exxon” without suffering balance sheet impariment, until this morning when we may have gotten the answer how the local Canadian money centers “planned” to resolve this odd accounting gimmick.

Today Bank of Montreal, perhaps the biggest violator of the loan loss reserve recongition, fell the most in two months after restating it restated its regulatory capital ratios for the first three quarters of the year. As Bloomberg first noticed, the shares slid 1.3% to C$84.72 in morning trade, the most intraday since July 27 and the worst performance in the eight-company S&P/TSX Composite Commercial Banks Index. The stock has gained 8.5 percent since Dec. 31. What was most notable about the restatement is that as one analyst calculated, the move was comparable to erasing C$1.3 billion ($1 billion) of excess capital at Canada’s fourth-largest lender.

…click on the above link to read the rest of the article…

Deutsche Bank Collapse: The Most Important Bank In Europe Is Facing A Major ‘Liquidity Event’

October 1, 2016

Deutsche Bank Collapse: The Most Important Bank In Europe Is Facing A Major ‘Liquidity Event’

The largest and most important bank in the largest and most important economy in Europe is imploding right in front of our eyes. Deutsche Bank is the 11th biggest bank on the entire planet, and due to the enormous exposure to derivatives that it has, it has been called “the world’s most dangerous bank“. Over the past year, I have repeatedly warned that Deutsche Bank is heading for disaster and is a likely candidate to be “the next Lehman Brothers”. If you would like to review, you can do so here, here and here. On September 16th, the Wall Street Journal reportedthat the U.S. Department of Justice wanted 14 billion dollars from Deutsche Bank to settle a case related to the mis-handling of mortgage-backed securities during the last financial crisis. As a result of that announcement, confidence in the bank has been greatly shaken, the stock price has fallen to record lows, and analysts are warning that Deutsche Bank may be facing a “liquidity event” unlike anything that we have seen since the collapse of Lehman Brothers back in 2008.

At one point on Friday, Deutsche Bank stock fell below the 10 euro mark for the first time ever before bouncing back a bit. A completely unverified rumor that was spreading on Twitter that claimed that Deutsche Bank would settle with the Department of Justice for only 5.4 billion dollars was the reason for the bounce.

But the size of the fine is not really the issue now. Shares of Deutsche Bank have fallen by more than half so far in 2016, and this latest episode seems to have been the final straw for the deeply troubled financial institution. Old sources of liquidity are being cut off, and nobody wants to be the idiot that offers Deutsche Bank a new source of liquidity at this point.

…click on the above link to read the rest of the article…

The Road to Canossa

April 27, 2016

THE ROAD TO CANOSSA

That the artificial interest rates in evidence in our hugely distorted capital and money markets can be made negative in nominal as well as in real terms is, alas, the curse of the modern age. Though entirely at odds with natural order – as we have repeatedly tried to make plain – they are also a curse that we are unlikely to have lifted any time soon, especially not in a Europe where there is no effective restraint to be had upon the exercise of his awful powers by the likes of a fanatic like Draghi.

Like some latter-day Pope Gregory, Draghi pretends to a power superior to that of the secular realm’s rulers. Forgetting that it was an act of political will which first set up the ECB, he now demands that the Lords Temporal of the Eurozone shuffle barefoot through the snows, like the Emperor Henry IV before them, to genuflect before him at his seat at that modern Canossa which stands on Sonnemannstrasse.

Though the ‘mandate’ which he unfailingly invokes in place of a claim of descent from St Peter was indeed intended to keep the Bank insulated from the worst, inflationary impulses of the short-horizon politician, it cannot be argued from that one act of self-denying foresight that the ECB is now only subject to a higher court. Laws are, after all, made in parliaments and when it becomes evident that among those laws there are those that have either been made obsolete by events or have become subject to exploitation by the unscrupulous, it is the duty of the people in parliament to highlight such abuses and to set in train the process by which the offending laws will be revised or repealed.

…click on the above link to read the rest of the article…

Why Did Japanese NIRP Cause Such Surprise In the Currency Market and Is It More Dangerous?

February 18, 2016

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 end of January the Bank of Japan (BoJ) shocked the financial markets by announcing that they would allow Japanese interest rates to become negative for the first time. USDJYP reacted with an abrupt rise from 118 to 121 which was completely reversed a global stock markets declined USDJYP is currently at 112.06 (11-02-2016). The three year chart below shows the extent of the move:-

USDJPY_-_3yr

Source: Big Charts

Here is an extract from the BOJ Announcement:-

The Introduction of “Quantitative and Qualitative Monetary Easing (QQE) with a Negative Interest Rate”

The Bank will apply a negative interest rate of minus 0.1 percent to current accounts that financial institutions hold at the Bank. It will cut the interest rate further into negative territory if judged as necessary.

The Bank will introduce a multiple-tier system which some central banks in Europe (e.g. the Swiss National Bank) have put in place. Specifically, it will adopt a three-tier system in which the outstanding balance of each financial institution’s current account at the Bank will be divided into three tiers, to each of which a positive interest rate, a zero interest rate, or a negative interest rate will be applied, respectively.

“QQE with a Negative Interest Rate” is designed to enable the Bank to pursue additional monetary easing in terms of three dimensions, combining a negative interest rate with quantity and quality.

The Bank will lower the short end of the yield curve and will exert further downward pressure on interest rates across the entire yield curve through a combination of a negative interest rate and large-scale purchases of JGBs.

…click on the above link to read the rest of the article…

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