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© Copyright 2011 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.Dollar gets boost as a safer bet; drops vs yen
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globalwatcher
They have been saving for years for retirement while others were NOT. Many of them already lost big in 2008, and they do not want to lose again this time. Their retirements depend on their life time savings. We all have to be smarter in this financial climate. It should not piss you off, they have EARNED it.
globalwatcher
Sending home, where? If you are in Japan, it is not so.
The dollar will continue to decline further.
globalwatcher
You know something we do not know. What are they besides what Serrano have just said?
Complete meltdown? I disagree. They are doing a lot better than the rest of world.
kurisupisu
Seas of dollars = a weak dollar!
rainman1
@Serrano: zzzzzzzzzzzzz
Jeffrey Duelley
Davidattokyo, I agree. I believe there will be a QE3. The Federal Reserve just has to save the insolvent banks of the world...and destroy the lives of every American and European in the process.
Serrano
I am so glad I exchanged a couple of thouand dollars to yen just before the damn Plaza Accord in 1985 when Ronald Reagan was U.S. president and a dollar was worth around 240 yen.
davidattokyo
The Bernank is possibly going to hint at QE3 at Jackson Hole on Aug 26, if so there's a high probability that this would see the US dollar drop further against the yen (break 70 maybe). Even if he doesn't hint at QE3 there's still no reason to buy dollars (as of today anyway - things can change quickly).
rainman1
@jasperandy: I agree with what you say, but unfortunately I don't think China is too far away from a complete meltdown itself. Going to be like watching a pot boil itself dry. Then, we really are in trouble.
T_rexmaxytime
Wot? It's at all time low 76.6 yen/dollar right right...
jasperandy
Japan, sadly is finished, the inability to control the yens rise is killing the last vestiges of Japanese industry, and ther is nothing to replace it.
QE or a law to cancle all debt heal by the BOJ would send the Yen much lower. But alas no.
I assume most of the Gaijin will also lose there jobs, perhaps a few will get jobs in foriegn firms who will sell more to Japan, but that will be temporary as unemployment goes through the roof.
You will likely have little choice but to join me in China.
HumanTarget
Will be spent right away. I've been trying to get out from under student loans and revolving credit card debt for about 8 years now.
rainman1
Only time to send money home if you are paying off a loan or a mortgage. Interest rates are now 'stuck' to at least 2013-2014 and inflation will eat away at the rest of it. You're losing 3.5-4% of your money just by it sitting there.
HumanTarget
Time to send some money home...
Elbuda Mexicano
If you have plenty of JPY enjoy!!
rainman1
@tkoind2: Thank you - I am not referring solely to Japan.
Christina O'Neill
Currency speculators must be having kittens.
tkoind2
some14some.
Anything the government does now will have little effect. The markets clearly see the yen as a haven and the other currencies as risky. Japan should find ways to benefit from the power of the yen and adjust to what is likely to remain an ongoing condition.
gogogo. I am sure rainman1 is not referring solely to Japan. The world is filled with funds that have ties to currency.
gogogo
rainman1: Pension funds? No such thing in Japan.
rainman1
@Serrano: Oh please - Most of these investors do actually have a job to. From other posts, its pretty clear that you don't have mych of an idea of how the real world works. Yes, there are those who will make AND lose money from pure speculation. However, pension funds etc all need to be managed. Tough times, if you think it won't affect you, think again.
Serrano
"as investors sought safety"
These "investors" really piss me off.
some14some
Infuse another lot of Yen 4 tril and bring back yen to 78 level...!