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
- 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...