Janet. Full Week Ahead Preview

Good luck out there – your fate rests on the shoulders of a diminutive economist with a pixie cut…


More Insanity: Nonfunctioning JGB Market Shrugs Off Kuroda

Explain this.

Waiting Game.

Just biding time…

‘This Is Very Unusual’ – BoJ Plunge Protection Breaks Topix-Yen Link


‘A Reversal Could Be Very Painful’: JGB Average Volume Hits All-Time Low

“…so if there is an unexpected major reversal, it could be very rapid and very painful.”

America Is ‘A Gong Show’ – So Maybe Put Your Money Here Instead

“As summer comes to an end, and investment committees meet in early September, I don’t see how at the margin, America doesn’t get a downgrade from asset allocators throughout the world. The simple fact is that the much hyped Trump optimism has been sorely misplaced.”

Save The Date: By ‘End-March 2019’ The Japanese Stock Market Will Cease To Function

“This could cause the number of shares circulating on the market to almost completely dry up for some stocks.”

The BoJ Will Own The Entire Free-Float Of Uniqlo Within 3 Years

In the wake of the BoJ’s Thursday decision to follow Haruhiko Kuroda further and further into policy Neverland, it’s probably worth reminding you about just how surreal the situation has become with regard to the “Tokyo Whale” and its ETF book. For those who might have missed our most recent posts on this, you’re encouraged…

A ‘Gettin’ Away With Murder’ Type Of Day: Thursday Market Wrap

Thursday was all about people who might have gotten away with murder…

BoJ Stands Pat, Pushes Back Timing For Inflation Goal They’ll Never Hit


‘Billions And Billions And Billions’: ECB, BoJ, And Your Full Week Ahead Preview

If you didn’t get your fill of hand-wringing over DM central banks last week, then you’re in luck…

Kuroda Vs. The World: BoJ Moves On The 5Y As YCC ‘Mission Creep’ Looms

Dammit no one is really talking about this, but it’s definitely notable. On both Monday and Tuesday we said that Japan has set its sights on JGB 5Y yields. Basically, the 5Y has become the new frontier in capping 10Y yields. “It looks like the BoJ may now have to fight to contain 5Y JGB…

Global Stocks Are Happy. Gold Is Sad. China! I Found Some Inflation In Norway.

Well, I’d say “it’s quiet out there,” but that’s cliché. So how about this: “ain’t shit shakin’ but the leaves in the trees“. Ok, maybe a few things happened while you were asleep. But not much. Let’s walk through some things. We got China PPI and CPI, with the former printing +5.5% for June, in…

‘There’s No Such Thing As A Bad Tick’ – Another Theory On Silver’s Flash Crash

Via Kevin Muir of “The Macro Tourist” fame It’s one of those periods when everything is conspiring against precious metals. For those of the bullish persuasion, this can be a difficult time. I have resorted to wearing my own self-imposed “cone of precious metal trading” in an attempt to stop me from buying too much,…

Yen, Pound Nosedive, BoJ Reminds You Who’s In Charge Here

Right, so first thing Thursday morning we noted that 10Y JGB yields had risen to 0.10% for the first time since mid-February. “This suggests the upward pressure on DM yields globally is starting to test the BoJ’s YCC,” we continued, adding that “the focus is squarely on BoJ buying including Friday’s purchase operation which the…