There is no question, however, that the bank was feeling a great deal of political pressure put upon it by the government.
More Quotes from Dennis Gartman:
Japan needs a weak yen. We have argued that case for months, and finally it is proving of merit.Dennis Gartman
People who have been with me for 20 years know that when I say watershed that means a major shift. I've been a dollar bull for a long period of time, have basically been neutral for the past several months and am now turning to becoming a dollar bear. This move through 1.22 is definitive.
Dennis Gartman
Japan's politicians have hunkered down and have moved to do nothing, hoping that the currency's weakness might bail them out of their morass. We are short of the yen, and we expect to remain short of the yen for the long, foreseeable future.
Dennis Gartman
The yen continues to weaken, as it should, given the continued weak economic data coming from Tokyo.
Dennis Gartman
Certainly the move caught us unawares. Obviously, the decision to tighten monetary policy was done to defend the euro, and just as obviously, it has failed.
Dennis Gartman
We remain fundamentally bullish on gold . . . for the very simple reason that there is growing disdain for currencies generally.
Dennis Gartman
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