-->und nächstes Wochenende ist vermutlich wieder G-7 Schelte angesagt *gg*

Reserve diversification?: Finance Minister Tanigaki defended Japan's policy of intervention in the currency markets in an interview published in the Nihon Keizai Shimbun on Saturday. His comments were aimed at the upcoming G7 meeting on 23-24 April in Washington where Japan will likely come under pressure to refrain from large scale intervention given recent signs of strength in the Japanese economy. Tanigaki defended the string of intervention by Japan so far as a justifiable way to"curb excessive movements in the market and overcome deflation." Perhaps of more interest to the markets were his comments on reserve diversification. He indicated in the interview that the government will consider investing the reserve funds in non-USD assets to diversify its asset allocation. However, the minister refrained from elaborating on these plans for fear of triggering a USD sell-off. We suspect that recent gain in USDJPY were driven by temporary flows relating to new asset allocations in the new fiscal year. However, the prospects of rate-hike induced sells offs in other major bond markets will keep Japanese investors cautious about putting money to work overseas. As such we maintain our 1-month and 3-month USDJPY forecasts at 105 and target 100 on a 6-month basis.

Quelle: UBS