
At the end of 1999, the BoJ wanted to narrow the fluctuation (red lines). During one month in 2003 it used more than 7 thousand billions JPY, which is a historical record ever. However it couldn´t keep for very long and the yen started to go up (down in the chart because it shows USDJPY) as we could see know (green arrow).
Everyone is expecting a strong intervention from the BoJ: these are the levels it used before. Surely it makes sense, but this is face. We will see in a few days when we talk about tails.
10/03/2010