What about Mr. Watanabe?
Posted on 04/25/2011 8:06:12 AM PDT by TigerLikesRooster
ASIA NEWS
APRIL 24, 2011, 10:21 P.M. ET.
'Mrs. Watanabes' Blamed for Yen Surge
By TATSUO ITO And MEGUMI FUJIKAWA
TOKYO—In a rare reflection of wild currency moves following the March 11 earthquake, Bank of Japan Gov. Masaaki Shirakawa said it was not the widely anticipated selling of overseas assets by Japanese insurers, but rather moves by the Mrs. Watanabes that propelled the yen to an all-time high against the dollar.
In an interview on Friday, the BOJ chief said actions by investors engaged in margin trading—the favorite game among the herd of small Japanese investors represented by a mythical housewife, "Mrs. Watanabe"—were mainly to blame for the yen's rise to 76.25 against the dollar in the early hours of March 17.
"The most promising explanation was such loss-cut trading," Mr. Shirakawa said, referring to yen buying by the retail investors that accompanied their compulsory loss-cut sales of foreign currencies in margin trading.
(Excerpt) Read more at online.wsj.com ...
P!
What about Mr. Watanabe?
“What about Mr. Watanabe?”
He will always be “Long Dong” to me.
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