Mal schauen, was die BoJ und die Regierung nun sagen ?! Vor 10 Tagen hiess es noch man beachte die Situation mit den Staatsanleihen genau....
http://www.reuters.com/article/2013/05/ ... 1S20130515
Link hatteich oben schon gepostet. Nun heftige Schwankungen in JGB und Kurssturz an der Börse:
Da braut sich etwas zusammen längerfristig, das war nur ein kleiner Vorgeschmack.
Auch die japanischen Banken, vor allem die kleineren Banken, können bei weiterem JGB-Anstieg viel Geld verlieren:
PS: Keine Probleme sieht Nobelpreisträger Krugman, Er meint natürlich, alles sei in Ordnung in Japan und alles mehr ein Zufal...
http://krugman.blogs.nytimes.com/2013/0 ... d=tw-share
Kein Wunder, bei ihm sind auch die Schuldenstände der Staatshaushalte weltweit nicht so wichtig, mit Verlaub: :dumm:
http://www.reuters.com/article/2013/05/ ... 1S20130515
Link hatteich oben schon gepostet. Nun heftige Schwankungen in JGB und Kurssturz an der Börse:
http://www.cnbc.com/id/100752756The benchmark 10-year Japanese government bond (JGBs) yield has doubled since the BOJ said in early April it would pump $1.4 trillion into the economy to meet a 2 percent inflation target in about two years.
While the BOJ hopes that buying up a sizeable chunk of domestic bonds will encourage Japanese investors to buy riskier assets such as equities, the concern is that the massive buying will dry up liquidity in the world's second biggest debt market and make it vulnerable to wild swings.
The other worry is that a sudden, sharp rise in yields could affect the interest payments on Japan's debt, which is estimated to reach 245 percent of gross domestic product this year - the highest in the world.
Da braut sich etwas zusammen längerfristig, das war nur ein kleiner Vorgeschmack.
Auch die japanischen Banken, vor allem die kleineren Banken, können bei weiterem JGB-Anstieg viel Geld verlieren:
http://www.zerohedge.com/news/2013-05-1 ... -loop-backHow sensitive are Japanese banks currently to an interest rate volatility shock? The latest Financial System Report by the BoJ, April 2013, does not look encouraging. While Japanese major banks are close to average in terms of their vulnerability to interest rate rises, Regional and Shinkin (i.e. cooperative banks) are the most vulnerable they have ever been.
A theoretical 100bp interest rate shock, i.e. a parallel shift in the Japanese bond yield curve of 100bp, would cause a loss of ¥3tr for Major banks, ¥5tr for Regional banks and ¥2tr for Shinkin banks. As a % of Tier 1 capital, these theoretical losses are close to 35% for Regional and Shinkin banks vs. only 10% for Major banks. The maturity mismatch, the difference between the average remaining maturity of assets minus that of liabilities, has risen for all banks over the past few years. But it was the highest ever at the end of last year for Shinkin banks at 2.2 years, and the highest ever for Regional banks at1.8 years. Major banks had a much lower maturity mismatch of 0.8 years at the end of 2012.
This divergence between Major banks and Regional/Shinkin banks largely reflects differences in the maturity of their bond holdings. The average remaining maturity of bond investments has lengthened to around 4 years at Regional banks and nearly 5 years at Shinkin banks vs. 2.5 years for Major banks.
So in terms of their sensitivity to JGB interest shocks, Japanese banks appear to be more vulnerable than they were in 2003. For example in 2003, the expected theoretical loss from a 100bp interest rate shock was around ¥2tr for Major banks, ¥3tr for Regional banks and ¥1tr for Shinkin banks, significantly lower than they are currently. The maturity mismatch was around 0.8 years for Major banks, i.e. similar to the mismatch reported by the BoJ for the end of 2012. But the maturity mismatch was a lot lower at the time for Regional and Shinkin banks, at 1.2 and 1.5 years, respectively.
PS: Keine Probleme sieht Nobelpreisträger Krugman, Er meint natürlich, alles sei in Ordnung in Japan und alles mehr ein Zufal...
http://krugman.blogs.nytimes.com/2013/0 ... d=tw-share
Kein Wunder, bei ihm sind auch die Schuldenstände der Staatshaushalte weltweit nicht so wichtig, mit Verlaub: :dumm: