The BoJ Stays with What’s Not Working

The BoJ’s latest pronouncement is probably the closest we’re ever going to get to “we have no idea what we’re doing.”  Bottom line, it’s more of the same — but, without the language indicating they could go even more negative on rates.

The USDJPY sold off (but, only to the closest and easiest TL to defend.)2016-03-15 USDJPY 60 0600Futures are therefore taking it on the chin, and look likely to tag yesterday’s downside targets.

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