Monday, October 31, 2011

Idiots in Japanese Government - Intervenes in Yen Again!!!

What did I tell you?

The Japanese government has thrown away another several hundred billion dollars down the toilet by intervening in the Yen's rise. 

From Bloomberg:

Yen Drops Versus Euro, Dollar as Japan Intervenes for the Third Time This Year

The yen dropped by the most in three years against the dollar as Japan stepped into foreign-exchange markets to weaken the currency for the third time this year after its gains to a postwar record threatened exporters.
“I’ve repeatedly said that we’ll take bold action against speculative moves in the market,” Japanese Finance Minister Jun Azumi told reporters today after the government acted unilaterally. “I’ll continue to intervene until I am satisfied.”
The yen weakened against the more than 150 currencies that Bloomberg tracks as Azumi said he ordered the intervention at 10:25 a.m. local time because “speculative moves” in the currency failed to reflect Japan’s economic fundamentals. Today’s drop reversed this month’s previous gain by the yen against the greenback amid speculation the Federal Reserve may add to stimulus measures as the U.S. recovery stagnates.
The Japanese currency sank 4.3 percent as of 6:44 a.m. in London to 79.24 per dollar, after remaining at 79.20 for almost three hours. The yen headed for its biggest closing drop since October 2008. It fell to as low as 79.53 per dollar, the weakest since Aug. 4.

Seriously, these people are nuts. These fools keep doing this but it never works. They throw away billions, the yen falls for a short while, then it starts to rise again. Please refer to: Insanity: Japanese Government of August 9, 2011:

I write over and over until my fingers are bleeding that the government is run by idiots. For over twenty years, the clowns "at the helm" of the Japanese government have been creating debt and trying to manipulate the markets. We have the current situation to show for it: Massive public debt and an economy mired in the mud.
Last year's currency intervention was to stop the yen when it was at about ¥82 to the US dollar. The Japanese Central Bank threw $63 billion dollars at the problem then. 
FIVE DAYS ago, the yen and dollar rate was ¥76.9 yen to one US dollar. The Japanese government threw $56 billion dollars at that. They were patting themselves on the back because the yen quickly shot past ¥80 to the US dollar. That was on August 4, 2011.
This is the third currency intervention by Japan this year. How many times do these idiots have to keep repeating the same mistake until they learn that these sorts of interventions never work?
Let me predict that we will see ¥75 to the US Dollar again before Feb. 2012... Soon followed by another massive currency intervention.
The last intervention was $60 billion dollars down the trash can. This newest one, with the biggest rise in the yen since 1978, must be well more than that! Japanese government debt is now 225% of GDP. Is it any wonder with the government so stupidly throwing money down the toilet over and over?

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