Japan Bond Market and the Yen Making a Last Stand
As I reported here, some months ago, that the Japanese Yen will be the first fiat currency to fall, we’re witnessing this unnecessary tragedy unfold on the world economic stage.
After spending over $50 Billion of her USD reserves, over the past 10 days, in a futile attempt to keep Japanese 10-year bond yields at a 2.5% limit, while also trying desperately to prevent the deepening free fall of the Yen against other major currencies, the stark and brutal reality of the debt-based fiat system is proving its predestined, unstoppable collapse.
The Yen will be first, then the Euro and/or the British Pound.
“Of course, with the entire Japanese financial experiment now counting down to extinction, at best Tokyo will buy itself a few months time, but as any terminal cancer patient will attest, those few last months are more valuable than anything.”
“While such a revolutionary reassessment may eventually happen, it won’t be tonight because one day after the BOJ unleashed its biggest – and most futile – FX market intervention in history, selling some $50 billion in US reserve to buy worthless funny-money, it also offered to buy more bonds than planned at its regular market operation on Wednesday to continue the Kabuki theater that its YCC [Yield Curve Control] is still functioning.”
Why has the US Dollar dropped 3.1% over the last 5 trading days?
Because Japan and China are selling US dollars (in slightly different ways) into the EuroDollar market in large quantities to raise save the value of the Yen and Yuan respectively.
Both Japan and China have tremendous dollar quantities (US Treasuries) to dump. Now, consider Iraq, they don’t have that many Dollars by comparison.
Therein lies the real reason Iraq cannot feasibly “raise the dollar exchange rate” (meaning strengthen the IQD) without the GCR General Redemptions being released.
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Source: Dinar Recaps
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