-->Diesen bericht habe ich gerade aufgefangen:

Reuters
U.S. Treasuries off highs as BOJ money in question
Monday March 15, 1:53 pm ET
By Pedro Nicolaci da Costa


(Updates after BOJ report, adds comments)
NEW YORK, March 15 (Reuters) - U.S. Treasury prices retreated on Monday after a report said the Bank of Japan may halt its huge currency interventions before the end of March, reducing the flow of dollars into U.S. assets.

Bonds erased some early gains as traders feared a shortage of intervention proceeds in dollars would seriously curb the Japanese central bank's interest in Treasuries, which has been central to keeping U.S. yields low over the past year.

"The fear is that if they stop buying Treasuries, rates are going to rise because you have one large buyer who is now totally absent or at least present to a much smaller degree," said Mary Ann Hurley, vice president of fixed-income trading at D.A. Davidson & Co. in Seattle, Wash.

Just this year, total holdings of U.S. Treasury and agency debt have surged by more than $92 billion, having already climbed by $217 billion in 2003.

But if the spigot of intervention cash is suddenly turned off, things could get sour for a market that has grown increasingly reliant on foreign interest.

"Foreign central bank buying has provided a huge cushion to the bond market," Hurley said.

The market got an early boost from security concerns as deadly blasts in Madrid late last week enhanced the safe-haven appeal of government debt.

But speculation over the likelihood of future BOJ intervention was enough to send shorter-dated maturities into the red.

Benchmark 10-year notes (US10YT=RR) were up 5/32 in price for a yield of 3.77 percent after touching an eight-month low of 3.68 percent last week.

The 30-year bond (US30YT=RR) added 7/32, leaving yields at 4.71 percent from 4.72 percent on Friday. The five-year note (US5YT=RR) edged up 1/32, taking yields to 2.73 percent from 2.74 percent.

At the very short end, yields on the two-year note (US2YT=RR) inched up to 1.53 percent from 1.52 percent.

Prices had already slipped from their highs after figures on U.S. industrial production proved stronger than expected, countering a soft survey on regional manufacturing.

Still, none of the numbers were likely to change market expectations for the Fed to hold interest rates steady when its policy board meets on Tuesday.

"(The data) is helpful and a positive for the economy, but until we get job growth, it is secondary," said Stephen Stanley, chief economist at RBS Greenwich Capital.

U.S. industrial output climbed 0.7 percent in February after a 0.8 percent gain in January, easily beating forecasts of a 0.4 percent rise. Manufacturing output rose a healthy 1.0 percent, while capacity utilization in that sector expanded to its highest level since June, 2001.

However, there were signs activity was cooling this month. The New York Fed said its main index of business conditions slowed sharply, to 25.33 in March from a record high of 42.05 in February. There was also a sharp fall in the number of employees index, a blow to those looking for a strong revival in payrolls any time soon.

Haben sie genug Dollars oder glauben sie dass der US-markt für sie schrumpft? Irgendwann müssen sie sowieso aufgeben, weil sie sonst selbst daran Bankrott gehen. Wer will die vielen kreierten Yens:
Wenn es stimmt, good by Dollar and America.
Politico.

-->>Wenn es stimmt, good by Dollar and America.
>Politico.[/b][/i]

-->Reuters
UPDATE - BOJ mulls ending massive yen intervention - Nikkei
Monday March 15, 1:21 pm ET


NEW YORK, March 15 (Reuters) - The Bank of Japan is mulling ending its massive yen-selling interventions in the currency market by the end of March, the Nihon Keizai Shimbun reported from Tokyo in its early Tuesday edition.
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"Some central bank officials predict that it will walk away from large-scale interventions by the end of this month and that the upward pressure on the yen... will abate beginning in April," the Nikkei reported.

Many BOJ officials, as well as foreign central bankers, question Japan's strategy of intervening in the currency market to halt the appreciation of the yen, the influential Japanese newspaper reported on its online site monitored in New York.

The central bank is apparently hoping that it can stop concentrating on reining in the strong yen and shift its focus to policy options related to price trends and interest rates, the report said.

The BOJ has in recent months intervened to sell yen in massive amounts to protect its exporters, spending 7.5 trillion yen in January and around 3.34 trillion yen in February, or approaching $100 billion in all.

The Nikkei report caused ructions in the currency market where the dollar instantly slipped against the yen. It also hurt U.S. Treasury prices since the BOJ has been using part of its intervention proceeds to buy huge amounts of U.S. debt in recent months.



Dann kann das Vorspiel zur Partie mal anfangen.......

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-->Es geht um das bekannte Problem der ZB-Bilanzen, der Solvenz und des Eigenkapitals.

Die BoJ hat nur sehr wenig Gold. Diesen Posten müßte sie gewaltig stärken. Wie soll die BoJ da vorgehen? Das Gold, das sie bräuchte, gibt es am Markt gar nicht. Es geht hier um 6000t.

Umschichten in andere Währungen? In Asien sehr schwierig, weil sich ja alle durch Export Konkurrenz machen. Nur die USA importieren und importieren.

Unser Währungssystem ist gar nicht für ausgeglichene Handelsbilanzen gemacht. Wurde schon oft diskutiert.

Theo