But the architect of Abenomics will be outa there in April.
Complicated times for the dollar. The Chinese Renminbi, a distant also-ran, loses ground.
Yen and 10-year yield spiked. BOJ cited bond market dysfunction, didn’t mention elephants in room: raging inflation & yen’s plunge.
But he’ll be out in April.
Inflation spiking, yen getting beaten half to death, yield peg under attack, and Kuroda’s term won’t expire till April. Here’s what the BOJ did.
Bank of Japan lets yen go to heck, trade deficit blows out, costs surge for manufacturers, prices surge for consumers.
Rate hikes to keep up with the Fed would work. But the Bank of Japan still digs in its heels. Its balance sheet has shrunk for months though.
Now trying to avoid “a blow that would be irreversible.”
Possibly confusing to folks in the US financial media that in recent months had hyped some new QE by the BOJ.
The Japanese people are not amused.