Japanese Stocks Open -3%, JPY Under 101.00, JGBs -2bps
UPDATE 1: S&P 500 futures now red (-5.5 points from open); TOPIX -3%, Japanese banks and real estate leading the slide (-16% from highs).
UPDATE 2: JPY has broken back under 101.00
It seems the sell-the-f$$king-bounce crowd are back in Japan once again. Minutes from the last BoJ meeting are providing some ammo for the fall as doubts appear among the members of the committee...
- *ONE BOJ MEMBER: DOWNSIDE RISKS FOR PRICES ARE LARGER
- *A FEW MEMBERS: SEEMS HARD TO REACH 2% IN LATTER HALF OF PERIOD
- *A FEW MEMBERS:KEEP MULLING STEPS TO AVOID DECLINING LIQUIDITY
For now, JPY has strengthened notably from its gap-weaker open and is trading around unchanged from Friday's close. JGBs opened modestly stronger. But it is the equity market that is fading fast with TOPIX now down 28 points (2.5%) from Friday's close - pressuring the lows once again (and the 10% correction) as the realization that 'Abe can't have his equity euphoria and eat his low interest rate cake too' increases...
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