Yes! And it’s deep- Hungarian homeowners borrowed yen to buy their homes, for just one example.
And with Japan an importer of all its crude, lower prices make yen that much harder to get, much like USD. And maybe even more so.
> On Fri, Oct 24, 2008 at 9:17 AM, James wrote:
> Liquidation of Yen carry trades also in full force…..
Everyone wants to play the currency swap game:
China, EU pledge to fight financial crisis
“the ASEAN group of Southeast Asian states agreed with Japan, China and South Korea to upgrade a long-established $80 billion web of currency swap lines among central banks across Asia.
The purpose is to allow a country facing a foreign exchange crisis to rapidly call up financial firepower by swapping its currency for those of its neighbors, or for dollars.”
Seems they are all strung out on dollars.