Yen Surges As Japan's Deputy PM Says Excessive Yen Gain "Corrected"

Tyler Durden's picture

The circus continues. For this evening's entertainment, the countrty Deputy PM Taro Aso explains the "excessive JPY gain has been corrected," upon which USDJPY instantly strengthens 40 pips reversing all the post-US0-close JPY weakness. Of course, the market reaction was evidently enough for him to swallow his words and 'retract' his comments mere moments later. At the same time, the BOJ declares:

  • *BOJ MEMBERS AGREED JAPAN'S ECONOMY STOPPED WEAKENING

While their optimism is welcome, facts (as they often do) stand tall in the face of their rhetoric as Japan's Macro index and manufacturing new orders (to name just two recent data points) do not even show second-derivative green shoots. And for the third and final act of this evening's early debacle, 30Y JGB yields have slammed 9bps higher (as JGB Futures prices look set for another halt).

 

The Bottom is in?

 

The Bottom is in?

 

What happens when Aso opens his mouth...

 

ruining the 100 target the world had for 2am... (maybe push it back to 3 or 4am)...

 

and it looks like we are set for another JGB Futures halt as long-dated Japanese bond yields are blowing higher once again...

 

and 20Y even more volatile...

 

and just to add to the fun - SGX entire futures exchange down.... Mini JGB's and Nikkei 225 yet to open on
SGX...