(Ils ont ruiné les états pour sauver les banques too big to fail, ils ont ruinés les banques centrales pour sauver le système bancaire et maintenant les banques vont voler toute l'épargne des citoyens, après vient la monnaie numérique unique pour contrôler le salaire et les dépenses des citoyens. Comme disent les américains, "End of the game". note de rené)
Japan Spent $20 Billion In Its Intervention To Support Yen
One week ago, when the BOJ stunned the world in becoming the first central bank to step in and prevent currency collapse (just days before the BOE become the second one) through a massive open-market intervention - the first of its kind in 24 years - we asked "How many tens of billions $ did the BOJ just sell"
On Friday we learned the answer: according to Reuters, Japan's government spent up to 2.8 trillion yen ($19.7 billion) intervening in the foreign exchange market last week to prop up the yen, Ministry of Finance data showed on Friday, draining nearly 15% of funds it has readily available for intervention.
The figure was just slightly less than the 3.6 trillion yen estimated by a small number of Tokyo money market brokers for Japan's first dollar-selling, yen-buying intervention in 24 years to halt the currency's historic collapse (which we predicted would happen back in March in "Yen At Risk Of "Explosive" Downward Spiral With Kuroda Trapped... And Why China May Soon Devalue").
While the ministry's figure may have been below some market estimates, it is viewed as having been used entirely for the Sept. 22 intervention and would surpass the previous record for dollar-selling, yen-buying intervention in 1998 of 2.62 trillion yen. Confirmation on the dates of the spending will be released in November.
The intervention, conducted after the yen slumped to a 24-year low of nearly 146 to the dollar, triggered a sharp bounce of more than 5 yen per dollar from that low, although the currency has since drifted down again to just shy of 145, effectively wiping out most of the intervention, and while the 145 level, viewed as the BOJ's redline has held so far, it is only a matter of time before it is breached again... and again.... at which point Kuroda will capitulate and move his redline to 150 or worse.
Japan held roughly $1.3 trillion in reserves (mostly in the form of US Treasuries), the second biggest after China, of which $135.5 billion was held as deposits parked with foreign central banks and the Bank for International Settlements (BIS), according to foreign reserves data released on Sept. 7. Those deposits can easily be tapped to finance further dollar-selling, yen-buying intervention.
"Even if it were to intervene again, Japan likely won't have to sell U.S. Treasury bills and instead tap this deposit for the time being," said Izuru Kato, chief economist at Totan Research, a think-tank arm of a major money market brokerage firm in Tokyo.
But if the deposits dry up, Japan would need to dip into its securities holdings sized around $1.04 trillion, at which point every intervention would send US yields sharply higher.
Of the main types of foreign assets Japan holds, deposits and securities are the most liquid and can be converted into cash immediately.
Other holdings include gold, reserves at the International Monetary Fund (IMF) and IMF special drawing rights (SDRs), although procuring dollar funds from these assets would take time.
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