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USDJPY Plunges As BOJ's Kuroda Says Has "Done What Is Necessary And Possible For Now"

Submitted by Tyler Durden on 04/10/2013 08:08 -0400

Moments ago BOJ's Kuroda hit the tape with remarks that did not make algos very happy:

KURODA SAYS BOJ HAS DONE WHAT'S NECESSARY AND POSSIBLE FOR NOW

and yet:

BOJ'S KURODA PLEDGES ALL NECESSARY STEPS FOR 2% INFLATION
KURODA SAYS MONETARY POLICY NOT AIMED AT AFFECTING YEN RATE

Algos appear confused: will the BOJ do more to hit the 2% inflation target, or, as the first bullet suggests, is it tapped out? For now, they shoot first and ask questions later, sending the S&P500 carrying USDJPY lower by 60 pips in a matter of milliseconds.

In tried and true Eurocrat copycat fashion, we expect a refutation and clarification saying he did not say what he just said any moment now...

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Wed, 04/10/2013 - 08:10 | 3430276 negative rates

I did not have financial relations with the 2% target.

Wed, 04/10/2013 - 08:16 | 3430299 Baron Robber

spit my coffee out - thanks

Wed, 04/10/2013 - 08:18 | 3430319 GetZeeGold

Tyler owes me a quarter cup of coffee and one computer monitor.

Wed, 04/10/2013 - 08:46 | 3430387 Pinto Currency

Cyprus has also announced that they've stolen all the bank deposits they need for now.

Capital flight is difficult to reverse, BOJ will learn.

Wed, 04/10/2013 - 08:12 | 3430284 ShortTheUS

Algos gonna algo. Japan is screwed regardless.

Wed, 04/10/2013 - 08:37 | 3430389 spastic_colon

how can they stop doing something they never actually started doing? besides running their collective mouths.

Wed, 04/10/2013 - 09:19 | 3430634 hedgeless_horseman

ALGO: How are you going to pay for all this?

KURODA: I have twenty trillion Japanese Yen.

ALGO: Japanese Yen? Japanese Yen are no good out here. I need something more real.

KURODA: I don't have anything else...

[waves hand]

KURODA: But Yen will do fine.

ALGO: No, they won't-a.

[KURODA waves his hand more firmly]

KURODA: Yen will do fine.

ALGO: No, they won't-a. What? You think you're some kind of Jedi, waving your hand around like that? I'm a Toydarian crude oil algorythm. Mind tricks don't work on me. Only money. No money, no oil, no deal!

Wed, 04/10/2013 - 08:46 | 3430419 stinkhammer

monetary kamikazee

Wed, 04/10/2013 - 08:15 | 3430300 StychoKiller

"Well all I can do is shake my head, you might not believe that it's true.

Working at the center of Niagara Falls is an undiscovered Howard Hughes..." -- Jim Croce

Wed, 04/10/2013 - 08:16 | 3430306 Proofreder

Yen, bitchez

Uncontrollable urge, sorrry

Wed, 04/10/2013 - 08:19 | 3430321 buzzsaw99

I felt a great disturbance in the Farce, as if millions of algos cried out in terror and were suddenly silenced.

Wed, 04/10/2013 - 08:20 | 3430327 css1971

KURODA SAYS MONETARY POLICY NOT AIMED AT AFFECTING YEN RATE

WTF?

Wed, 04/10/2013 - 08:21 | 3430329 ziggy59

Ben! You telling the Japanese how to do it?

Wed, 04/10/2013 - 09:26 | 3430681 Getting Old Sucks

That was my first thought. It's different for us though as in everything we do. Our national motto for the world is "do what we say, not what we do".

Wed, 04/10/2013 - 08:21 | 3430330 teahouse

WAKE up CALL will arrive together with the rockets...

Wed, 04/10/2013 - 08:22 | 3430333 Ghordius

"In tried and true Eurocrat copycat fashion, we expect a refutation and clarification saying he did not say what he just said any moment now..."

I just get reminded that markets - which includes algos, now - love love love policy makers with dictatorial powers and hate hate hate democratic setups where things have to be debated and consensus has to be reached - because they hate hate hate uncertainty

and so whenever a politician talks (and most of their job is talking) of course it's about something worth to shake a market

damn, most people here remember when Greenspan just mumbled some unintelligible nothings, and now every single word of every financial minister on this planet has to be dissected for it's microsecond value because the market never sleeps and has the time-awareness of a fly

Wed, 04/10/2013 - 08:22 | 3430337 UnclePenv

Waiting on the hyperinflation to begin. Will coincide with thermonuclear attack.

Wed, 04/10/2013 - 08:31 | 3430365 news printer

Yokohama city (JAPAN) posts on Twitter in error that N Korean missile was launched

http://japandailypress.com/yokohama-city-posts-on-twitter-in-error-that-...

Wed, 04/10/2013 - 08:34 | 3430381 azzhatter

May have just been Bernanke splooging over Japs devaluation

Wed, 04/10/2013 - 08:52 | 3430441 Proofreder

Nkorea - big yawn ...

Budget - bigger yawn ...

Buckwild pix on Trudge - eyecandy, yeah!

As the Nation sleeps ...

Wed, 04/10/2013 - 09:12 | 3430568 NotApplicable

So first this error, then the Fed's. With all off these loose cannons around, somebody is sure to react inappropriately, setting the stage for a clusterfuck of global proportions.

Wed, 04/10/2013 - 08:33 | 3430374 ptoemmes

Only a fool tries to tame algos.

Wed, 04/10/2013 - 08:58 | 3430475 SheepDog-One

No worries at all, it's Fantasyland anyway so no way S&P doesn't close another 10 points higher even if N Korea nuked L.A. before the close. Nothing will put a dent in this shit until they want to pull the plug.

Wed, 04/10/2013 - 09:12 | 3430561 RSBriggs