Heads up, the yen is on the move against … well… against everything, suddenly falling against all of its G10 peers, apparently on this:
JAPAN’S ABE TO SEEK 2T YEN ECONOMIC PACKAGE PLAN: YOMIURI
— Walter White (@heisenbergrpt) September 24, 2017
The prime minister plans to instruct related ministers to announce 2 trillion yen of new economic measures within the year after announcing the change in consumption tax increase at the economic and fiscal advisory council on the 25th.
It aims to appeal as a backing that realizes the ‘human resource development revolution’ of signs policy which appeals through the House of Representatives election.
Here’s USDJPY, which was already on the move, presumably buoyed by the prospects for tax reform in the U.S.:
And you can really see the move in EURJPY, which has now reversed the entirety of the post-German election move lower and then some:
So I guess, in combination with the BoJ promising to keep the pedal to metal on the easing, this should be good for about a million points on the Nikkei.