It's clear, Japan is intervening to support the Yen:
Twice this week, we saw the Yen fall to its weakest point against the US Dollar since 1990. This was the first time in 34 years that 1 US Dollar converted to 160 Yen. Immediately after the Yen neared 160 twice this week, we saw a steep drop in the conversion rate, strengthening the Yen. The BOJ reported Tuesday that its current account will fall 7.56 TRILLION YEN, or $48.2 billion USD. This was clearly due to intervention equating to 5.5 trillion Yen, which we last saw in 2022 and 2011. The third largest currency in the world is in trouble. Source: The Kobeissi Letter
Looks like Japan is coming in hot with their second FX intervention.
Source: Lyn Alden
Chinese Stocks enter technical bull market after rallying 20% off the Jan 22 low
Source: Barchart
Goldman Sachs and HSBC are saying that funds and global investors are rotating out of US and Japanese stocks
To reposition on the Hong Kong stock market which appears to offer significantly better opportunity. Hong Kong listed companies mainly do business across Asia with limited interference from the Chinese government. Source: Bloomberg
Chinese stocks catching a very strong bid Monday.
The most-followed China stock index globally (MSCI China) is set to enter a bull market (note though it’s still a long way back to the top) Source: David Ingles, Bloomberg
Intervention? At 9:30 PM ET, the Japanese Yen weakened to 160 against the US Dollar for the first time since 1990.
Exactly 2.5 hours after the headlines came out, the ratio just crashed from 160.20 to 156.50. That's a ~2.5% swing in one of the biggest currencies in the world in a matter of minutes. Clearly, something is happening here and it comes just days after the Bank of Japan left rates unchanged. Did someone just intervene? Source: The Kobeissi Letter
Japan's currency official declined to comment regarding possible intervention
Japan's Masato Kanda says "No comment for now" when asked whether Tokyo had intervened in the currency market Today following a sharp move in the market that sliced more than 2% off the dollar-yen exchange rate shortly after the Japanese currency went over 160.
Source: Bloomberg
China is buying/importing gold like there is no tomorrow
Source: Willem Middelkoop
