One word - seppuku
Not laughing now eh, QE-boy?
Here's one problem:
- *GPIF PANEL MEMBER SAYS GOVERNANCE LAW REFORM MAY TAKE A YEAR
We're gonna need a biggerer QQE!
- *JAPAN'S 20-YEAR YIELD DROPS TO 1.21%, LOWEST SINCE APRIL 2013
Everyone is greatly rotating into JGBs! 20Y yield collapses 8bps!
back to crazy chaos levels from last year
And 30Y yield is totally crashing -20bps!!! 2nd biggest drop on record
Bond stress focusd on long-duration buying panic
As Japanese rate vol explodes...
And Japanese stocks plunge the most intraday in 10 days
And Nikkei VIX surges past 30...
US equity futures are tumbling too - notably decoupled from USDJPY
It seems not everyone is rushing headlong into unprotected longs in Japan
Now where have we seen that before?
* * *
Abe on the tape with more lies:
*ABE: HAVE BEEN SUCCESSFUL IN ALTERING DEFLATIONARY MINDSET - Nope!
* * *
It seems a few commenters are unaware that yesterday was a market holiday in Japan and so the Nikkei cash index move is from Friday's Japan close. Nikkei Futures rose 1000 points since then and have no given back 500 points of those gains... your decision whether you consider the NKY up 500 or down 500... we know which we prefer to view given the trend...and note this is the biggest intraday reversal in 10 days
It is pretty clear by the surge in Nikkei VIX and JGB yield collapse that investors are focused on the current weakness as opposed to yesterday's and Friday's gains