The Phaserl


JOMO Arigato Mr. Kuroda

from Zero Hedge:

The Japanese-bond-stuffed banks of the world (and the collateralizers-of-last-resort) are breathing a sigh of relief at the larger-than-average open-market-operation from the BoJ today (JOMO). From what looked like certain doom and a limit-down open, the JGB market rallied magnificently (along with stocks) out of the gate – almost as if someone ‘knew’ (which they did here) that the BoJ would come to the rescue today. Remember, as we noted earlier, that unlike the Fed, the BoJ does not have a set size and time schedule (for the full-month in advance aside from broad brush estimates) for its bond-monetization (though we suspect the BoJ will rapidly evolve to a smaller more frequent intervention); which likely accounts for the explosive rise in volatility that is being witnessed on a daily basis in the quadrillion JPY market. Japanese stocks, after an exuberant BTFD opening, have gone one-way – down – and are now testing towards negative on the day. USDJPY tested up over 102.50 in a vain attempt to spark the green equity open but that is fading now too – breaking 102.00. It looks like being another night of correlation trading for Japanese bond and stock investors as Kuroda unleashes a Trillion-JPY-JOMO…

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