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Euro Zone Fund's First Debt Issue Posts Solid Sales
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The European Stability Mechanism made its first short term debt auction Jan. 8, 2013, by selling 1.927 billion euros of treasury bills. Japan remains a key investor. Japanese finance minister, Taro Aso, said Japan plans to to be an active investor in the ESM bond sales. He told a news conference: "Japan will purchase some ESM bonds using its foreign exchange reserves as it monitors progress in efforts to stabilize the European situation." Japan holds $1.27 trillion in foreign exchange reserves. The move pushed the yen lower. Investors pay the ESM to keep cash for three months- the ESM treasury bills had an average yield of minus 0.0324%. The ESM fund will be used for aid to Spain's banking sector, Greece, Ireland and Portugal. Plans are for the ESM to issue three month and six month bills twice a month to reach 18.5 billion euros by the end of 1st quarter 2013. The ESM fund rating is Aa1 by Moody's Investors Service, and AAA by Fitch Ratings.
EFSF S&P ratings downgrade to AA+ from AAA
08/08/2011
The European Financial Stability Mechanism was downgraded by S&P to AA+ on Feb. 16, 2012. This is the bailout fund in the eurozone financial crisis.
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Wall Street Journal 08/08/2011
S&P Cuts Rating on Europe's Bailout Fund
Wall Street Journal 01/17/2012
Questions Mount for Europe Bailout Fund
Wall Street Journal 01/17/2012
Euro Crisis Calls for Mix of Moves
Wall Street Journal 05/26/2012
Wall Street Journal 06/01/2012
Rating Changes Ripple Through Bailout Funds
Wall Street Journal 07/24/2012
The impact of a stronger yen against the euro on Japanese companies 2010-2012
05/27/2010
Grouped Articles
Weaker Yen Puts Japanese Profits on a New Track
Wall Street Journal 05/07/2013
Japan's Yen Rises Above War Jitters, Deflation
BusinessWeek 05/27/2010
Japan Faces Uphill Battle in Curbing Yen's Rise
Wall Street Journal 08/04/2010
Japanese Firms Send Work Overseas
Wall Street Journal 10/24/2010
Japan Turns Tables on Korea Inc.
Wall Street Journal 12/12/2014
Japan's Collateral Damage From the Euro
Wall Street Journal 10/06/2011
The EFSF (or ESM) and the European Central Bank
08/08/2011
The EFSF was authorized to purchase government bonds of EU countries at the June 2012 summit of EU leaders. The EFSF will coordinate the purchase with the ECB with new purchases being on the EFSF books.
Grouped Articles
Wall Street Journal 08/08/2011
European Finance Ministers Agree to Speed Up Bailout of Spanish Banks
New York Times 07/09/2012
Rating Changes Ripple Through Bailout Funds
Wall Street Journal 07/24/2012
ECB to Discuss Rescue Plan With Bundesbank
Wall Street Journal 07/27/2012
Bundesbank Stresses Divide on Bond Buying
Wall Street Journal 08/02/2012
Merkel Backs Bond-Buying Program
Wall Street Journal 09/18/2012
The European Stability Mechanism (ESM)
10/09/2012
Grouped Articles
New Euro-Zone Aid Fund Launches
Wall Street Journal 10/09/2012
Euro Zone Fund's First Debt Issue Posts Solid Sales
Wall Street Journal 01/08/2013
The Japanese economy and the rising yen in 2010-2012
05/27/2010
The yen reached 86 yen to the dollar by August 2010. Chinese government accumulation of Japanese bonds was amajor factor in the yen's rise in 2010. By August 2011 the yen experienced a new surge going up to 78 yen to the U.S. dollar resulting in intervention by the Bank of Japan in currency markets. Investor flight to safe havens such as the Swiss Franc and the Japanese yen with the debt crisis in the U.S. and the Eurozone. The impact on export markets. The newly elected LDP government of Shinzo took strong action to reverse this and improve export competitiveness in 2013.
Grouped Articles
Japan's Yen Rises Above War Jitters, Deflation
BusinessWeek 05/27/2010
Japan Faces Uphill Battle in Curbing Yen's Rise
Wall Street Journal 08/04/2010
Behind Japan's Allure: Stagnancy
Wall Street Journal 08/24/2010
Electric Cars Make Japan's Gas Engine Industry Anxious
New York Times 11/02/2010
Japanese manufacturers: Leaving home
Economist 11/20/2010
Nissan to 'Significantly' Reduce Japan Exports
Wall Street Journal 02/01/2011
European Stability Mechanism (ESM)- credit ratings and borrowing costs
01/08/2013
Grouped Articles
Euro Zone Fund's First Debt Issue Posts Solid Sales
Wall Street Journal 01/08/2013
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