BOJ Miss:
1. BOJ deliver one of the biggest misses in history (vs expectations/ pressure) - only increasing ETF purchases and dollar funding by apprx $60bn annual in total vs 10-20bps of Depo and LSP cuts + 5-20trn in QE increase + ETF increase.
*See attached post for in-depth detail on the BOJ situation and price action history/ Yen strength/ Safe havens*
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BOJ - 3trn increase in annual ETF Purchases + $24bn increase in USD funding for banks
1. The BOJ on Friday delivered a shockingly poor package, imo they changed the snallest part of their current QQE programme.
2. What was interesting though was the markets reaction - immediately after the decision $Yen spiked higher then lower to 103 level but from then and...
