Following the big US dump on Friday last week, Asia opens deep red. The best performing bourse is New Zealand, down only 1%. The worst is South Korea's KOSPI, down 2.60%. Tokyo's Nikkei is down 177 points, or 2.1%.
From Yahoo Finance:
Worse for Japan, despite the Bank of Japan's intervention, yen keeps rising.
The US stock market futures are equally ugly, with Dow futures down 98 according to Bloomberg News.
There are some analysts who have been saying this feels the same as the summer of 2008. We know what came in the fall of 2008.
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Tokyo Time
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4 comments:
Despite all of the talk about Japan's debt being unsustainable, the Yen continues to be seen as a safe haven. We could be looking at yields on Japanese 10 years of 0.5% or less.
It is unsustainable, just like the US will be, the Yen wont be a safe haven for long you can be sure of that....
Not only the Yen or the US Dollar, but all debt-based fiat money is in the process of collapse. When 'money' is corrupt, the economy cannot function correctly. Sound and honest money is the necessary foundation of a sound and sustainable economy.
"Despite all of the talk about Japan's debt being unsustainable, the Yen continues to be seen as a safe haven"
No it does not. Currency repatriation to deal with various crises, personal and corporate alike, is propping the yen up in forex markets. When the (admittedly very deep) pockets of Japanese who have invested abroad get emptied, that's when the Yen will drop like a rock, dragging all asian currencies in its wake. It's a huge global bubble that is still being deflated. Of course it takes its time and looks all weird in the process.
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