David Fuller's view The rollover is a delayed report although I mentioned that I would do it, despite my reservations about retaining a losing trade. At some point this can qualify as a definition of insanity but I maintain that the yen (shown inversely against the US dollar, weekly & daily) is serially overvalued although technical evidence that this was about to change has been tentative.

However I am encouraged by the multilateral intervention. This is an extremely rare development, occurring no more than perhaps half a dozen times in the last 50 years. Multilateral intervention only occurs when the respective central banks agree that a continuation of the trend in question - in this instance the yen's strength - is not in their national interests. Therefore multilateral intervention only occurs when a trend is both fundamentally and technically overextended, to an excessive degree. For this reason, multilateral intervention has always been successful, although not always initially. In other words, central banks working in concert may lose battles but they will not lose the war.

For the record, my March long in USD/JPY was sold at ¥81.826 on 11th March, against my purchase price of ¥83.73 on 13th December. Simultaneously, June positions were opened at ¥81.825. Today, I made another purchase at ¥80.917, increasing my position by 16.6%.

These prices include spread-bet dealing costs.