The total and utter failure of The BoJ continues to accelerate…
With Japanese Bank stocks leading the way, now down 25% since NIRP was unleashed (and 32% since the start of the year)…
As we detailed earlier..
Following earlier comments from yet another Japanese talking head that deflation will be fixed any day now, the Japanese bond curve continues to collapse with yields hitting record lows across the entire spectrum. Most notably, 10Y JGBs – which were trading 24bps before BoJ NIRP – just traded with a 0bp handle for the first time ever, ready to join Switzerland as the only nations with negative rates at 10Y. As bonds rally, and JPY surges to strongest since 2014, so Japanese stocks are crashing (NKY down 1000 points from intraday highs).
Bond yields are plunging…
- *JAPAN 10-YEAR GOVERNMENT BOND YIELD FALLS TO ZERO FOR 1ST TIME
- *JAPAN’S 5-YEAR YIELD FALLS TO RECORD -0.205%
And stocks are crashing as USDJPY tumbles…
- *YEN CLIMBS PAST 115 PER DOLLAR TO STRONGEST SINCE 2014
Jose Canseco will not be happy.
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Published on: February 9, 2016