Tuesday, September 14, 2010

Bank of Japan Intervention Sends Yen Back to Last Friday's Level

well, ever slightly above but not by much.

Still, Nikkei celebrates by reversing almost 300 points.

According to Nikkei Shinbun newspaper, the intervention was ordered by the Finance Minister at 10:30 AM Japan Standard Time, and Bank of Japan carried out the operation of dumping yen at 10:35 AM.

Wanna bet how long will this last?

Unlike the privately-owned Federal Reserve, Bank of Japan is 55% owned by the government. Unlike the Fed, the shares of Bank of Japan is traded on a stock exchange (Jasdaq Securities Exchange).


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