Sometimes we wonder what world Japanese leaders live in. This morning's mind-blowing lies and propaganda from BoJ chief Kuroda show one thing and one thing only - Japan has reached Europe's Juncker moment - "it's serious enough that one has to lie." But it's the market's reaction to his every word that is whipsawing JPY around and running algos wild as first he said more QE is to come then rejected it saying there is no need for more QE now...
- *KURODA: DON'T THINK CURRENT YEN LEVEL A MINUS FOR JAPAN ECONOMY (apart from costs?)
- *KURODA: CURRENCY LEVEL MOVES DUE TO VARIOUS FACTORS (like printing more of it?)
- *KURODA: YEN LEVEL IS REFLECTING FUNDAMENTALS (terrible?)
- *KURODA: EMPLOYMENT AND INCOME SITUATION IS IMPROVING (no they are not at all!!!)
- *KURODA: DON'T SEE LIMITS NOW TO ADDITIONAL ACTIONS IF NEEDED (yay!)
- *KURODA:NOT AT POINT TO CONSIDER MORE ACTIONS AS PRICES ON TRACK (boo!!)
And where JPY goes so goes, stocks, gold, oil, and bonds...
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as all that matters is JPY carry...
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Charts: Bloomberg
