While everyone we know has been caught up in the MF Global news… it looks like the Bank of Japan spent $92.31 billion intervening in the Yen (again) last night. While we would normally be amused at this (they are terribly bad at this sort of thing, with the past three interventions all being retraced and made impotent within a matter of weeks), the long Yen trade was one of the few positions managed futures programs had going their way this month.
With managed futures already staring down losses this month after the impressive run up in stocks, energies, and currencies – the last thing they needed to close out October was this intervention (although we’re only talking about additional losses of tenths of a percent due to this move, likely).
How well will the Bank of Japan do on this intervention? We’ll see.
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