Sean Hyman from World Currency Watch says watch out, the Bank of Japan is not one to be reckoned with. They are ready to intervene to stop the Yen’s rise – and you don’t want to test them.
And our pal and trusted currency advisor, Chuck Butler at the Daily Pfennig, agrees with Sean in his letter today:
And… While I don’t want to spend the whole letter today on Japan… I must say that I think we should all be very wary of the BOJ and their history of intervening to keep yen weak. This will be a huge battle between the Carry Trade unwinders and Uridashi Bond sellers VS the BOJ… Just don’t get caught up in it… If it happens, stay to the sidelines, you don’t want to get caught up in an intervention battle…