As Japan’s nuclear crisis unfolds, we are concerned about the consequences of economic moves by the Japanese government as well as the effects of radiation exposure.
From Zero Hedge:
And we are off. The JPYUSD is up nearly 200 pips as the Bank of Japan buys billions in dollars, using freshly printed Yen, following an agreement with the G7 which will likely see a new plaza accord to keep the Yen low despite ongoing repatriation. This follows earlier news that the BOJ will underwrite a ¥10 trillion in earthquake recovery bonds as Japan is now lurching from one monetization step to another. Keep an eye out for intervention aftershocks as the BOJ now can not allow the USDJPY to drop below 80 or it will be all over. This is what global reflation gone nuts looks like. On the other hand, if the BOJ fails to keep the USDJPY above 80 following this action, and the inflows of yen are far greater than anyone expected, most certainly the G7, then we have big problems.
http://www.zerohedge.com/article/we-are-races-boj-intervenes-fx-market-sends-nikkei-surging-g7-agree-plaza-accord-v2
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