After the strongest 4-day surge in 11 months, it would appear that the BoJ is on full-court-press tonight to jawbone the world back to the new normal. The sad truth is though, they can't even make up their own punchlines anymore:
- *KURODA: BOJ WILL DO WHATEVER IT TAKES TO END DEFLATION
Well, why not, it worked for Draghi for a few months? Of course JPY is leaking back lower a little as they talk up their devaluation strategy (and all their various shiny new options - that have never been tried before) - even as:
- *KURODA: UNCERTAINTIES ARE HIGH FOR JAPAN'S ECONOMY
- *ASO SAYS CAREFULLY MONITORING CYPRUS SITUATION
- *ASO SAYS CYPRUS SITUATION MAY AFFECT CURRENCY MARKETS
JPY has seen its biggest 4-day rise in 11 months against the USD...
[4]
but the jawboning is not working...
[5]
and a few minutes later...
[6]
So we need "Whatever-er It Takes"...
Between Dijsselbloem's slip of truth (and rapid retraction) and now this 'copycat-ism' by a desparate BoJ, it appears, simply put, we are being taken for fools.