- Analiza
- Novosti i instrumenti
- Vesti sa tržišta
- Did the MOF interventions work? – Commerzbank
Did the MOF interventions work? – Commerzbank
On Wednesday, US economist Brad Setser argued in the Financial Times that the interventions by the Japanese Ministry of Finance (MOF) in favor of the yen were very effective, regardless of the monetary policy of the Bank of Japan (BoJ). Time to roll up the stones again, then, Commerzbank’s Head of FX and Commodity Research Ulrich Leuchtmann notes.
JPY depends on the fundamentals
“The interventions have not had any lasting effect on JPY exchange rates so far. The MOF repeatedly let earlier intervention levels slip away. Their effect on USD/JPY only became sustainable when they were accompanied by idiosyncratic USD weakness and, in particular, when it became foreseeable that the BoJ's monetary policy would turn.”
“Most of the MOF's foreign exchange reserves may have been purchased at much lower USD/JPY rates.The MOF makes a profit from interventions if they are successful, i.e. if USD-JPY trades sustainably lower due to the interventions. Otherwise, it makes a loss.”
“A credible USD/JPY ceiling affects USD/PY prices well below this ceiling and that USD/JPY does not even come close to this ceiling. This is the old Krugman model of target zones for exchange rates, and we have not had a situation in which the Krugman model would apply. This all means that JPY depends on the fundamentals, mainly on the BoJ's monetary policy. The MOF cannot prevent fundamentally justified JPY levels in the medium to long term.”
© 2000-2024. Sva prava zaštićena.
Sajt je vlasništvo kompanije Teletrade D.J. LLC 2351 LLC 2022 (Euro House, Richmond Hill Road, Kingstown, VC0100, St. Vincent and the Grenadines).
Svi podaci koji se nalaze na sajtu ne predstavljaju osnovu za donošenje investicionih odluka, već su informativnog karaktera.
The company does not serve or provide services to customers who are residents of the US, Canada, Iran, The Democratic People's Republic of Korea, Yemen and FATF blacklisted countries.
Izvršenje trgovinskih operacija sa finansijskim instrumentima upotrebom marginalne trgovine pruža velike mogućnosti i omogućava investitorima ostvarivanje visokih prihoda. Međutim, takav vid trgovine povezan je sa potencijalno visokim nivoom rizika od gubitka sredstava. Проведение торговых операций на финанcовых рынках c маржинальными финанcовыми инcтрументами открывает широкие возможноcти, и позволяет инвеcторам, готовым пойти на риcк, получать выcокую прибыль, но при этом неcет в cебе потенциально выcокий уровень риcка получения убытков. Iz tog razloga je pre započinjanja trgovine potrebno odlučiti o izboru odgovarajuće investicione strategije, uzimajući u obzir raspoložive resurse.
Upotreba informacija: U slučaju potpunog ili delimičnog preuzimanja i daljeg korišćenja materijala koji se nalazi na sajtu, potrebno je navesti link odgovarajuće stranice na sajtu kompanije TeleTrade-a kao izvora informacija. Upotreba materijala na internetu mora biti praćena hiper linkom do web stranice teletrade.org. Automatski uvoz materijala i informacija sa stranice je zabranjen.
Ako imate bilo kakvih pitanja, obratite nam se pr@teletrade.global.
Банковни транcфери
