It would appear, judging by the tumble in JPY crosses (i.e. JPY strength) that the carry-traders of the world are disappointed in the BoJ's lack of exuberance.
- *BOJ RETAINS PLAN FOR 60T-70T YEN ANNUAL RISE IN MONETARY BASE (no change)
But it is the commentary that is truly baffling in its contempt for the truth:
- *BOJ: EXPORTS HAVE LEVELED OFF MORE OR LESS (umm, record trade deficit?)
- *BOJ: PICKUP IN CAPEX HAS BECOME INCREASINGLY EVIDENT (Tankan Capex growth fallen for 2 quarters)
- *BOJ SAYS JAPAN'S ECONOMY IS RECOVERING MODERATELY (GDP growth worst since Abenomics began)
Black is white; water is not wet; and Abenomics will work any day now...
[8]
Charts: Bloomberg