Archive for September 15th, 2010

Central Bank Watch

New Zealand Monetary Tightening Paused

September 15, 2010

New Zealand’s Official Cash Rate was left unchanged at 3.0%, having been hiked by 25 basis points each at the prior two meetings on July 29 and June 10.  Opinions had been split over whether a third increase would be sanctioned.  The July statement conceded that the “pace and extent of further OCR increases is […] More

Larry's Blog

Today’s Japanese Intervention: A Background Primer

September 15, 2010

The Bank of Japan sold yen against dollars on a persistent and very heavy basis today.  Over $10 billion equivalent were done and possibly as much as $20 billion.  The BOJ acted alone and as an agent for the Ministry of Finance, which made the decision to act after weeks of threatening such a recourse.  […] More

New Overnight Developments Abroad - Daily Update

First Japanese Intervention Since 2004 Sent Yen Sharply Lower

September 15, 2010

On the Ministry of Finance’s instructions, the Bank of Japan sold a reportedly heavy amount of yen against dollars said to have exceeded $10 billion equivalent.  Finance Minster Noda confirmed the unilateral operation and implied the injected liquidity would not be withdrawn from the money market.  No other central banks have intervened.  The BOJ began […] More