Japanese bond yields have crept slowly higher since the big flush on Monday and Nikkei 225 is 2.6% below its highs on Monday seemingly pinned at 17,000. We note this as Abe & Kuroda’s currency collapses yet another big figure to 115.00 (up 7 handles in 7 days from pre-FOMC) – the highest in over 7 years. The crucial 120 line in the sand should be crossed early next week at this rate… What was the trigger for tonight’s exuberance, we hear you ask, why the Japanese market opening – which sent USDJPY instantly up 40 pips.
JGB yields creeping higher…
As USDJPY loses its beta to stocks…
No mo momo…
Charts: Bloomberg
via Zero Hedge http://ift.tt/1si281R Tyler Durden