This Week On Turtle Soup



Here is what happened on Turtle Soup the trading week from Sunday, February 27 through Friday, March 4, 2011.

Sunday, February 27, 2011Trade Interceptor: Multi-Broker Forex App - Trade Interceptor unveiled its new multi-platform app supported by FXCM, GFT, ACM, FX Solutions, and MB Trading.

State Street Forex Probe Expands - We continue to follow the State Street saga. I guess $11.7 million in penalties wasn't enough for CFTC.

 

Monday, February 28, 2011Forex Scam Goes Small Potatoes - David & Loredana Ortiz thought they got away with $232,000 of investors' money. CFTC thought not.

 

Tuesday, March 1, 2011Who's Who in Forex: Masaaki Shirakawa - Japan's Governor of the Bank of Japan was tabbed the world's 6th most powerful by Newsweek.

FxPM Opens Miami Office - World Currency Trading opens a new Forex trading facility in Miami.

NFA Hires Edward Dasso For Surveillance - His official title is VP of Market Regulation but his official job is to oversee the surveillance of swap execution facilities (SEF).

Wednesday, March 2, 2011FOREX.com Goes Commercial - Now that they've gone public, GAIN Capital is stepping up its pursuit of retail Forex traders with prime time commercials. I have to admit -- it is a cute commercial.

 

Thursday, March 3, 2011FXall Opens Mumbai Office - FXall expands into one of the world's fastest growing Forex markets.

Who's Who in Forex: Ben Bernanke - We finally got around to Big Ben in our Who's Who in Forex series.

 

Friday, March 4, 2011NFA Bars CD Capital Management - As active as NFA and CFTC have been lately, I just can't figure out why firms don't pay more attention to how they run their businesses.

Forex, You & Taxes - Bob Green dispenses great advice on what you need to know about accounting for your Forex gains/losses when the IRS comes knocking.

 

So, the end of another trading week. Hope to see you again next week.

 

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Who's Who in Forex: Masaaki Shirakawa

Masaaki Shirakawa
Masaaki Shirakawa, Governor of the Bank of Japan

Masaaki Shirakawa (born September 27, 1949) is a Japanese economist, central banker and the 30th Governor of the Bank of Japan (BOJ). He is also a Director and Vice-Chairman of the Bank for International Settlements (BIS).  

Shirakawa graduated from the University of Tokyo with an economics degree and received his master's degree from the University of Chicago in 1972. He returned to the BOJ in 2008.

After taking the helm in 2008, Shirakawa led the implementation of unconventional policy steps, including corporate debt buying, during the global financial crisis as Japan emerged from recession. He also managed to keep Japan's benchmark interest rate at rock-bottom 0.1%.

Masaaki Shirakawa ranks 6th on Newsweek's 2009 list of the world's most powerful along with Ben Bernanke (4th) and Jean-Claude Trichet (5th) to form what Newsweek termed the "Economic Triumvirate".

Why Do You Care?

Japan has suffered from a deflationary economy for two decades. Shirakawa believes it will take more than just changing monetary policy to cure Japan's monetary ills.

He believes that the fundamental cause of deflation is the protracted downward trend in Japan’s underlying GDP growth, caused both by the decrease in the number of workers and declining productivity growth.

Monetary easing was important to ease deflationary pressures but by itself was not enough. He believes that Japan's businesses need to bring more old people and women into jobs to counter the decline in the working-age population.

Shirakawa's critics say that Japan's business could capture more of the world's market if the BOJ did more to cheapen the yen. However, Shirakawa professes that the strength of the yen is not currently a major threat to Japan's economy and has helped offset rising import costs.

"At this moment, it is not working as an additional risk factor," Masaaki Shirakawa told The Wall Street Journal and Dow Jones Newswires when asked whether he felt the yen's current level was a concern.

 

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