Japan Braves Another Rate Hike

Well, they did it: The Bank of Japan hiked rates for the second time in four months. Although speculation was running high ahead of Wednesday's policy meeting, fewer than one in three economists actually believed the BoJ would pull the trigger again this soon after March's historic move. The July decision was seen as make or break for the overcooked yen, which recently surged 6% in a matter of weeks, a monumental rally that triggered an across-the-board global carry unwind. "Moves to raise wa