Japans carry traders or retail traders or Mrs Wantabes are feverishly overbidding (thin volume, marked up distribution) risk buys namely high yield currency's and selling YEN. For love of country, a free market intervention filled with naivety and a gambling hysteria.
You can just smell the bankruptcy's when an institutional sells a 1billion long on the AUD...
"individuals' net buying of the dollar against the yen hit some 1.6 billion dollars, or roughly 130 billion yen -- 100 million dollars more than Monday and 250 million dollars more than Friday.
In addition to the dollar, "buying of the Australian dollar, the British pound and the euro has also been remarkable," comments Hiroshi Sudo of Central Tanshi FX Co.
Tuesday saw the Australian dollar slip to a roughly one-and-a-half month low against the yen. But individuals' net buying of the Aussie currency swelled to around 2 billion Australian dollars, or 150 billion yen. Net buying surged around 140 million Australian dollars from the previous day to the highest level in a month and a half.
Individuals' foreign-currency transactions are said to account for around 30% of the market as a whole. With predictions that the yen will climb higher, all eyes will be on how much impact the contrarian retail traders have in bringing a stop to the yen's ascent."
from Nikkei.com
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