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By Tyler Durden

According to sources, Reuters reports that The Bank of Japan is asking market-participants about the cause of this morning's sudden 150 pip vertical rip in USDJPY. Hhmmm, we wonder?

And this happened today…

And The BoJ wants to know who did it…

• BANK OF JAPAN ASKING MARKET PLAYERS ABOUT CAUSES OF DOLLAR/YEN MOVES, NOT CHECKING RATES – SOURCE

Today's ramp began at 0810ET, the Mid-Feb ramp began at 0820ET…

…read more

Source: Thursday Humor? Bank Of Japan Asks Banks ‘What’ Caused USDJPY Spike

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By Tyler Durden

Following their apparently delusional belief in the “success” of Tuesday night's violent protests, anti-Trump groups are plotting “Democracy Spring” threatening “drama in Washington” with the “largest civil disobedience action of the century.” The operation, backed by Soros-funded MoveOn.org among others,

With little fanfare and almost no news media attention, some of the same radical groups involved in shutting down Donald Trump’s Chicago rally last week are plotting a mass civil disobedience movement to begin next month. As Breitbart.com reports,

They intend to march across the East Coast in order to spark a “fire that transforms the political climate in America.”

…

The group is backed by numerous organizations, including the George Soros-funded groups MoveOn.org, the Institute for Policy Studies, and Demos.

Next month’s Democracy Spring chaos is set to begin with a meetup on April 2 at the Liberty Bell in Philadelphia.

“Then, in the spirit of Granny D, the Selma to Montgomery marchers, Cesar Chavez and the farmworker pilgrimage, and others who walked for freedom, we will set out on a 10 day, 140-mile march from Philadelphia to the Nation’s Capitol,” states the website.

In Washington DC, Democracy Spring expects “thousands of Americans” to engage in a “sit-in on the Capitol building in Washington DC in what will be the largest civil disobedience action of the century.”

What do they want?

Despite the fact that many of the main groups endorsing Democracy Spring are funded by billionaire Soros, the group complains that “American elections are dominated by billionaires and big money interests who can spend unlimited sums of money on political campaigns to protect their special interests at the general expense.”

But if the status quo goes unchallenged, the 2016 election — already set to be the most billionaire-dominated, secret money-drenched, voter suppression-marred contest in modern American history — will likely yield a President and a Congress more bound to the masters of big money than ever before.

The stage is set for a bold intervention to turn the tinder of passive public frustration into a fire that transforms the political climate in America, that sparks a popular movement that can’t be stopped.

The leaders of the group have already held training sessions, the website says. Democracy Spring states it is requiring “mandatory nonviolent civil disobedience trainings twice a day for those risking arrest from April 11th-16th.”

For those arrested, the group says it has already secured the legal aid of an unnamed lawyer “with decades of experience with civil disobedience cases.”

The group says that it is not plotting violence.

As Chris Cillizza concludes, Trump haters had a bad night Tuesday, and their actions won't make it any better any time soon…

So much of the anti-Trump coverage that is pushed on these primary nights simply misses the boat. It is driven by wishful thinking on the part of the “not Trump” crowd that is desperately seeking a glimmer of …read more

Source: Anti-Trump Groups Plot "Democracy Spring" – Largest Civil Disobedience Action Of The Century

    

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By Tyler Durden

It was just over a year ago when we first observed a troubling development in the global currency funding arena:

While Kuroda may ignore the precarious dollar funding shortage, others are far less sanguine: “The jump in basis swaps is an extremely serious problem,” said Hidetoshi Ohashi, the chief credit strategist in Tokyo at Mizuho. “If it continues widening, financial firms will need to reduce their overseas holdings or diversify their investments into other regions.“

Not everyone will be impacted equally, with Japan’s largest banks – Mitsubishi UFJ, Sumitomo Mitsui and Mizuho – likely exempt from rising basis swaps and USD funding shortfalls because they can raise dollar funds by selling bonds overseas, according to Yoshinobu Yamada, a senior analyst at Deutsche Bank AG in Tokyo. However “investors such as life insurers will have problems when they want to put their money in foreign bonds if costs are rising,” Yamada said. Mizuho’s Ohashi said Japan’s regional banks will also be affected.

If not the US, Japanese hot money has another option: Europe, where the ECB lowered negative rates further last week, according to Mizuho’s Ohashi. The premium for yen holders to borrow the single currency until 2021 was 44.8 basis points on Wednesday, less than half the cost to secure dollars. However, yields in Europe are likewise far lower, than in the U.S., which means that when netting out the swap premium the net benefit to investors will likely even out.

Which leaves companies like insurers who have to find way of boosting the yields on their investments in a pickle:

“There are expectations that interest rates might fall further in Europe,” Ohashi said. He said that investors will be interested in bonds of the region’s banks that offer decent extra yields.

Japanese life insurers are stopping sales of insurance products that double as savings vehicles because of their falling returns, according to Tatsuo Majima, an analyst at Tokai Tokyo Financial Holdings Inc.

“It’s a painful thing for life insurers that their returns on foreign investments are falling,” Majima said.

Majima should just complain to the BIS: after all it is this most hypocritical of organizations, whose members are the central banks themselves, that keeps warning about the risks of ongoing easing and central bank intervention, at a time when all four major central banks have just proceeded to engage in major easing, and moments ago the BOJ directly sold Yen in the open market. Surely all that merits at least one more angry letter by the BIS Jaime Caruana?

…read more

Source: "This Is An Extremely Serious Problem" – Dollar Funding Shortage Hits Record In Japan

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By Tyler Durden

In a note that may have been quite prescient, BofA’s HY strategist Michael Contopoulos released a note last night titled “Fed acknowledges global growth concerns… again”, in which he said that “we have to admit; today’s dovish comments by Yellen took us by surprise” and adds that “although the market’s initial reaction was positive, we think the longer run impact of a very dovish message is bad for risk assets. In fact, we’re a bit amazed by the initial response from high yield today.”

The catalyst that clued Contopoulos to what the Fed really meant was to be found in the reaction of financial stocks:

We also believe it is telling that bank stocks moved significantly lower after the rate decision. Though the price action in banks makes sense – a lower for longer rate environment and slower economic growth is not a positive scenario for financials – typically the moves in bank equity and high yield spreads are very well correlated (-48%). In our view the challenging bank environment is a canary in the coal mine for high yield. As financial volatility increases, bank earnings decline, and unease about the global economy heightens, banks pull back on risk and lending. Note the latest Fed survey on lending standards as a prime example of declining risk tolerance of loan officers.

Judging by the market’s performance this morning, Contopoulos was correct. And if he was correct about that, then he may well be correct about what happens next, which is as follows:

Given the apparently weaker consumer (retail sales, nonmanufacturing ISM), the poor Q4 earnings season, and problems abroad, the acknowledgment by Chair Yellen of stresses in financial markets creating tighter financial conditions should have created renewed fears of a growth slowdown in the US, in our view. In fact, the last 2 times the Fed indicated global risks to the domestic economy, while holding rates steady, were at the September meeting and January meeting. And in both cases HYG declined 4.5% and 4% over the next 13 days (Chart 1). Although we don’t know if the same reaction will occur after this meeting, we are convinced that our bearish view on high yield continues to hold merit.

He concludes with a look at fundamentals which are troubling:

With defaults picking up in the commodity space, incredible stress in some individual non-commodity high yield issuers, a wave of downgrades looming and now the Fed’s revisions to near-term forecasts, we wonder how long asset allocators will continue to ignore both the weak macro as well as poor micro credit environment and feed money into high yield. Chair Yellen told us today that inflation is likely to remain weak and dollar strength will continue to cause headwinds. This latter admission is particularly interesting to us. If a strong dollar persists in 2016 corporate earnings hurt by FX exposure …read more

Source: Bank of America: "The Impact Of A Very Dovish Message Is Bad For Risk Assets"

    

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for latest details.

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Source: Foreign governments dump U.S. debt at record rate

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By EconMatters

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