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IMO zero, if they change it now it would be the same or worse, like the regulators openly admitting that they are in bed with the fraudsters.
They can game it by fiscal year date to a point, so there is a built in delay, but on the other hand as soon as one is marked to market they all are.
I'm sure you know what they are worth.
Another opinion.
http://market-ticker.denninger.net
Hong Kong is down, Tokyo is down big time and the yen just broke 110 ..... 109.97 ..... that was a bit of a resistance point sort of like 100 oil.
Ms Watanabe is going to need her sake tonight.
"Ms Watanabe is going to need her sake tonight."
What do you mean by that? It depends on whether Ms Watanabe has the bulk of her portfolio in stocks or cash. If she has yen collecting dust in the bank, she will in fact be toasting with her sake and maybe some bubbly, rather than gulping it down. The yen is rising, because the carry trade is unwinding due to market turbulence, and look for a New Year's rate increase from the BOJ. With peak oil, faltering US consumer spending and increasing buying power in Europe et al, Japan now needs a weak currency to drive exports much less than it does a strengthening yen to offset rising energy costs. The yen has been lagging behind other currencies' rises, and now it is poised to take off. 109 is nothing. Wait till it gets below 100 JPY/USD next year. You'll be able to tell by the numbers of Japanese tour groups that suddenly swarm European capitols next summer.
It refers to a pretty recent FT? article that was widely circulated talking about Japanese house wifes day trading, specifically using the yen carry trade. They called her "Ms Watanabe".
The yen carry trade hasn't completely unwound yet, but with the margins the higher valued yen is a huge hill to climb.
If BOJ raises rates and BenDover lowers them some more we will have a Dollira (US peso?) carry trade.
You might be right in the short term, but Europe has huge problems in the longer term. What are they going to do with all the third world immigration once exports start to fall like a rock and the jobs go away?