Monday, Jun 18, 2007
BOJ Should step in . they are helping push up rates with inflation effect faking it
bloomberg.com: Housewives Outmaneuver UBS, Deutsche Bank Trading Yen
Japanese businessmen, housewives and pensioners betting against the yen in their spare time are wrecking the forecasts of the world's biggest currency traders. Yukiko Ikebe, a 59-year-old housewife in Tokyo, in April was indicted for evading about 139 million yen in income taxes while earning 407 million yen trading foreign-exchange, according to the Tokyo District Public Prosecutors Office.
``She must have earned more money than us,'' joked Yuji Saito, head of the foreign-exchange sales department at Societe Generale SA in Tokyo. ``I said to my colleagues, `let's find her and hire her!'''
Posted by out of control speculators @ 07:08 AM (206 views) Add Comment
2 Comments
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1. confused76 said...
Some of you may remember a while ago I made a (totally respectful) comment about Japanese housewives de facto owning half of London's property and Range Rovers (through their lending power)... I hope you can see now what I meant at the time
2. japanese uncle said...
Madness! Just madness! Unrealistically low IR in Japan may well be working as opium for the industries. They must remain competitive at normal IR such as 5%. This policy is utterly spoiling and distorting the whole economｙ