科普一下吧, 看大家都Clueless一样# Stock
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The Day The Yen Carry Trade Died
Submitted by Tyler Durden on 03/16/2011 17:59 -0400
While everyone is staring in disbelief at the USDJPY, the real carry action
is in the high yielding-YEN pairs, i.e., the development, high growing
countries. And it's a massacre: ZARJPY, NZDJPY, AUDJPY - all are plunging
far more than the USD. This is nothing short of a complete carry trade
unwind. The implications: the cheapest recurring source of funding for risk
assets - the Yen carry trade, is over. Those who managed to sell early on
are lucky.
The rest will get such an onslaught of margin calls tomorrow they may need
to access the discount window (if Primary Dealers and the luckier banks).
Many will be forced to sell assets to satisfy collateral requirements as
ongoing sales of carry pairs push the Yen ever higher, and force ever more
liquidity out of the market. And if the Yen carry trade is done, the
question is when will the USD, which has also been a carry currency for some
time, follow suit. And, once again, the most troubling observation is that
the BOJ has not intervened. Our sinking feeling is that after pumping 50
trillion or so in money markets, the petty cash may be running quite low. In
any case, ES opens in 2 minutes. Grab the popcorn now.
Submitted by Tyler Durden on 03/16/2011 17:59 -0400
While everyone is staring in disbelief at the USDJPY, the real carry action
is in the high yielding-YEN pairs, i.e., the development, high growing
countries. And it's a massacre: ZARJPY, NZDJPY, AUDJPY - all are plunging
far more than the USD. This is nothing short of a complete carry trade
unwind. The implications: the cheapest recurring source of funding for risk
assets - the Yen carry trade, is over. Those who managed to sell early on
are lucky.
The rest will get such an onslaught of margin calls tomorrow they may need
to access the discount window (if Primary Dealers and the luckier banks).
Many will be forced to sell assets to satisfy collateral requirements as
ongoing sales of carry pairs push the Yen ever higher, and force ever more
liquidity out of the market. And if the Yen carry trade is done, the
question is when will the USD, which has also been a carry currency for some
time, follow suit. And, once again, the most troubling observation is that
the BOJ has not intervened. Our sinking feeling is that after pumping 50
trillion or so in money markets, the petty cash may be running quite low. In
any case, ES opens in 2 minutes. Grab the popcorn now.