Japanese Bonds Plunge on First-Ever 10-Year Auction Failure

Sept. 20, 2002
By Chris Cooper Tokyo

(Bloomberg) -- Japanese bonds plunged, ending their biggest losing week in 3 1/2 years, as the first-ever failure of a 10-year debt auction signaled investor alarm at the Bank of Japan's plan to buy stocks and not more bonds.

"This looks like panic selling," said Yuzo Nakajima, a fund manager who oversees 30 billion yen ($244 million) at Deutsche Asset Management (Japan). "Investors had been expecting the BOJ to increase its bond purchases earlier this week and instead it said it would buy stocks."

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LONDON, Sept 20 (Reuters) - London's FTSE 100 blue'chip share index swung wildly in morning trade on Friday, surging over 250 points before losing all its gains in a breathtaking roller-coaster ride linked to derivatives trading.

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JP Morgan Chase is trading right around $20 per share and up on the day. The banking index is down again, but the PPT is doing what it can to keep Morgan in this area. Their efforts are doomed to failure. The Gold Cartel is desperately trying
to keep gold from going berserk to the upside. Those efforts are also doomed to failure.

Time to be on full-scale gold alert!

http://www.LeMetropoleCafe.com/