Lots of excitement in the currency markets this morning — particularly the yen.  The USDJPY plunged rather decisively to our nearest downside target… …after stories appeared in the financial press that the BoJ was embarking on a buying spree, offering to buy “an unlimited amount of bonds.”  Why would they do such a thing?  Yields on the 10-year had soared to as high as – gulp – 0.09%.

So far, futures have remained mostly flat — thanks to VIX’s continuing slump and oil and gas’ ramp.  But, can it last?

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