zerohedge.com / by Tyler Durden / 09/15/2015 06:56 -0400
Almost two weeks after we explained why any hope for a QQE boost by the BOJ is a myth, and that any increase in monetization will simply lead to a faster tapering and ultimately halt of Kuroda’s bond purchases…
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… the market finally grasped this, when overnight the BOJ not only did not easy further as some – certainly the USDJPY – had expected, but kept its QE at the JPY80 trillion level and failed to offer any hints of further easing that many had hoped for, pushing the Nikkei down from up almost 400 point intraday to virtually unchanged and sending the USDJPY back under 120. JGBs also traded lower on concerns there may not be much more QE to frontrun.
As Bloomberg reports, “the move by Governor Haruhiko Kuroda and his colleagues leaves the onus on Prime Minister Shinzo Abe’s government to compile a stimulus package to boost what evidence indicates is a lackluster recovery in the second half of the year so far. Kuroda repeatedly told reporters on Tuesday that the bank sees a gradual recovery continuing in the economy.” Which is ironic considering many now see Japan’s GDP sliding in Q3 confirming the 5th recession in the past 8 years.
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