Abe/Kuroda Double-Team Sends Japan Bonds/Stocks To May 2013 Levels

With Japanese stocks down 13.6% from their 12/31 highs, the big guns just hit the tape to try to save the day:

  • *ABE:BOJ WILL MAKE APPROPRIATE DECISION ON EXIT STRATEGY
  • *ABE: NOT EASY TO CHANGE ‘DEFLATIONARY MIND’
  • *KURODA: BOJ CAN CONDUCT APPROPRIATE EXIT POLICY AS NEEDED
  • *KURODA: BOJ EASING HAS HAD INTENDED IMPACT SO FAR

Following Amari’s earlier “markets are over-reacting” jawboning, so far this is having little to no effect. USDJPY is actually fading back lower and perhaps stunningly Japanese 20Y bond yields and stocks are back at the same levels seen in May 2013 (1 month after the BoJ unveiled QQE). Time for some Depends Mr. Abe.

Oops…

 

Which leaves the Nikkei -13.6% from 2013 closing highs..

 

Charts: Bloomberg


    



via Zero Hedge http://ift.tt/1nKWxkE Tyler Durden

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