Having pulled all their bids just after Shirakawa’s  ill-judged comments hit the wires, sources now reporting BOJ back on the bid at 78.00. We’re at 78.10 presently. Is it nearly home time?

BERLIN (MNI) – A lasting solution to the Eurozone’s debt crisis can be reached only through more budget consolidation and structural reforms, in the view of European Central Bank Governing Council member Jens Weidmann. While Eurozone leaders pledged at their latest summit to undertake such measures, “this must now be proven by actions,” the president [...]

In recent trade.  We’re back up at 1.4020 in horribly choppy trade.

Up 8 bps on day – Reuters.

Solo interventions not good for global stability Japan is free to intervene as it sees fit

Why would you come out and say THAT!!!!!!!! IS HE NUTS!!! USD/JPY down at 78.75. On nominal basis, yen levels not necessarily strong (is this a bloody imposter, I cannot believe what I’m hearing) BOJ does not conduct policy based on daily fx moves Yen rises have big impact on exports, corporate revenues Focusing on [...]

FRANCE DATA: September PPI +0.2% m/m, +6.1% y/y – INSEE – France Sep manufacturing PPI +0.2% m/m, +5.9% y/y – France Sep food and tobacco prices -0.2% m/m, +5.8% y/y – France Sep oil product prices +2.2% m/m, +28.7% y/y – France Sep ind import prices +0.8% m/m, +8.1% y/y – See MNI MainWire for [...]

On the bid at 78.90, good for $4 billion. Battle well and truly joined. UPDATE:   BOJ still on the bid.  Down at 78.80 for around another $4.o bln. Them against the world seemingly. UPDATE:  78.96 BID!!!!  Should they take their priofit now?  UPDATE:  79.05 BID!!!! Ahhhhhh, bless their little cotton socks….. Well they won that [...]

Pretty much in line with median forecast of +0.1% m/m.

European deal on Greece only small relief Concerned over prolonged US recession As reported by Dow Jones.

At writing, being told 1 billion dollars on the bid in USD/JPY at 78.89 on EBS.

Need to carefully watch global market moves Yen’s relative value at quite high level compared with prior to Lehman crisis Will not say there is nothing more monetary policy can do Need to do utmost to prevent euro debt woes from triggering global financial crisis BOJ always thinking what more it can do to achieve [...]

Real, seasonally adjusted retail sales: September: +0.4% m/m, +0.3% y/y MNI survey median: +1.0% m/m, +1.0% y/y MNI survey range: +0.3% to +1.5% m/m August: -2.7% m/m, -0.8% y/y (revised from +2.5% y/y) – FRANKFURT (MNI) – German retail sales came in weaker than expected in September, lifting turnover only modestly on the quarter, the [...]

GERMANY DATA: September real sa retail sales +0.4% m/m, nsa +0.3% y/y – Germany September m/m retail sls below MNI median fcst (+1.0%) – Germany August m/m retail sales revised up to -2.7% (-2.9%) – Germany 3q sa retail sales +0.5% q/q, 2q -0.4%, 1q +1.0%) – Germany September sales 3mma (July-September:June-August) -0.7%, August +0.4% [...]

Weaker than Reuters’ median forecasts +1.0%, +0.9% respectively. Not bothering the single currency any, EUR/USD recovering to 1.4030 as European trading gets underway.

Still there then. We’re at 78.95 presently.

Some dollars there to be diversified into euros at some juncture.

But not hopeful for lasting impact of solo intervention.  Party pooper USD/JPY has just dipped as comment hit wires, down at 78.90.

Net result from SNB foreign currency positions is around  CHF 0.3 bln for the first three quarters of 2011