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Thailand's Floods And The Yen's Appreciation
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Thailand's Floods And The Yen's Appreciation

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Thailand's Floods And The Yen's Appreciation

By Marc Chandler:The dollar has slipped to almost JPY77.50, the lowest since the massive intervention last week. At today's (Tuesday's) lows, the dollar has given back almost 50% of what the intervention had achieved. It is still mind-boggling the magnitude of the intervention. In one fell swoop, the BOJ accounted for about 20% of the average daily yen turnover. In one fell swoop it recycled all of last year's trade surplus (in the first eight month of the 2011, Japan is recording a trade deficit). However, if the size is breathtaking, the actual impact is hardly inspiring.

Given the poor track record of intervention, unilateral or multilateral, sterilized or unsterilized, there may be no compelling need to understand why the $100 billion intervention is not sticking. All sorts of possible explanations seem partly at play. Intervention has not been repeated. The failure to push the greenback above JPY80 kept bullish yen safe


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