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And where there are trade wars, real ones are more than likely to follow…

“Well the intellectual midget fight is on. The BOJ asked the US and Europe for support in case of intervention and both basically looked away like the prom queen when the class geek asks her for a dance. At the end of the day though, a ninja’s got to do what a ninja’s got to do and the BOJ moved ahead with currency intervention. The ECB can’t be too pleased with that, especially the Germans who after 8 years of EUR appreciation were finally starting to reap the benefits from teaming up with economic misfits. With the Fed reinvesting interest payments in fresh treasuries and Q2 rumors, and now the BOJ in currency intervention mode, the clouds are gathering over export prospects for Europeans. The next logical step will be trade wars. When one hears US senators campaign against the Yuan manipulation it’s a miracle we haven’t seen more of it yet.” – Nic Lenoir from ICAP

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