Bank Of Japan Disappoints

Bank Of Japan Disappoints

It would appear, judging by the tumble in JPY crosses (i.e. JPY strength) that the carry-traders of the world are disappointed in the BoJ’s lack of exuberance.

  • *BOJ RETAINS PLAN FOR 60T-70T YEN ANNUAL RISE IN MONETARY BASE (no change)

But it is the commentary that is truly baffling in its contempt for the truth:

  • *BOJ: EXPORTS HAVE LEVELED OFF MORE OR LESS (umm, record trade deficit?)
  • *BOJ: PICKUP IN CAPEX HAS BECOME INCREASINGLY EVIDENT (Tankan Capex growth fallen for 2 quarters)
  • *BOJ SAYS JAPAN’S ECONOMY IS RECOVERING MODERATELY (GDP growth worst since Abenomics began)

Black is white; water is not wet; and Abenomics will work any day now…

Charts: Bloomberg

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