Bank Of Japan Declares They Were Only Joking About That Yield Curve Control Thingummy
Phew! Rally on!
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They Spooked Themselves Maybe?
Yesterday saw a sounding rocket sent up by the Bank of Japan, who joked that maybe they would have to do some monetary policy tightening. This being 2022's story and not the all-good-nothing-to-see-here motif of 2023 (no Presidential election in Japan in 2024 of course), market participants everywhere reacted with a primal scream followed by a projectile vomit of all risk assets that they owned, for a few hours anyway. A couple doses of Pepto-Bismol later, courtesy of other policy committee members of the BoJ, and investors suddenly decided they do like risk after all. For now.
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Righto. Charts.