dan24 ha scritto:
hai letto che sta facendo la Boj in questi due giorni?....sti quazzi....
mi sa che qualkuno inizia ad aver paura di ritrovarsi con il cerino in mano ed il kulo scoperto da qualche parte.....
ancora niente di ke sugli indici azionari come dice masqui....però però..........vedremo..
adesso magnare alla faccia di fiat
e finmeccanica
E pensa che la Bundesbank ha pubblicato un articolo in cui dice che i carry non influenzano i cross
By Chikako Mogi
TOKYO, Feb 20 (Reuters) - The Bank of Japan offered a record amount for same-day funding operations on Tuesday to cool overnight call rates that have stayed well above its policy target on wariness the central bank could raise rates this week.
The BOJ offered to lend 2.3 trillion yen ($19.23 billion) against pooled collateral on a same-day basis, a record for such an operation for a second straight day as the overnight call rate jumped above the 0.25 percent policy target.
Despite the BOJ's same-day funding operations for a third straight day, the overnight call rate's weighted average inched up to 0.358 percent from Monday, although it eased from Friday's 0.362 percent, the highest September 1998.
"No matter how much the BOJ pumps in, call rates won't ease due to rate hike concerns," said a money dealer at a Japanese bank.
The BOJ began a two-day policy meeting, with a decision due on Wednesday. It raised its policy target to 0.25 percent last July, its first rate rise in six years.
Due to its aggressive funding, the BOJ said it lent 310 billion yen under its Lombard lending facility on Tuesday, down from Monday and falling sharply from Friday's 1.07 trillion yen.
The BOJ lends at 0.40 percent under the Lombard facility
Friday's amount was the highest since 1.27 trillion yen was loaned on Jan. 16, two days before a policy decision and at a time when expectations were running high for a rate rise.
A narrow difference of 15 basis points between the BOJ's 0.25 percent policy target and the Lombard lending rate, which serves as the ceiling for call rates and other interbank lending rates, was also making banks more complacent about tapping the facility, money market dealers said.
Market views remain divided on the chances of a rate hike, after the BOJ board voted 6-3 in favour of keeping policy unchanged last month, shifting from its unanimous decision in December to keep rates steady and the first time such a close split vote has happened since a meeting in October 2003.
Money market traders said foreign banks continued to face difficulty meeting their funding needs as domestic banks were reluctant to lend in case the BOJ raises rates this week.
Reuters Pictures
Editors Choice: Best pictures
from the last 24 hours.
View Slideshow
"We have to think hard whether it makes sense to lend now even at just below 0.50 percent, because we lose money if the BOJ raises rates to 0.50 percent tomorrow," said a money market dealer at a Japanese financial institution.
At the same time, lenders would profit if the BOJ keeps rates steady, and some domestic institutions were lending out in small lots, the dealer said.
Japanese banks have been slowly expanding credit lines to more foreign financial institutions but the move has remained moderate because many banks with surplus cash at hand, such as regional banks, have seen the current 0.25 percent policy rate as not very profitable, money market players said.
Banks were seen putting aside cash for the monthly reserve maintenance period which began on Friday, hoping to build up as much reserves as possible now so they can invest extra funds at a higher call rate if there is a rate hike.
On Monday, the BOJ injected 2.1 trillion yen in cash through same-day funding in the form of loans against pooled collateral.
)
