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Category: BOJ

Increasingly, The Market Believes The ‘State Of Exception’ Has Become Permanent

January 11, 2019

A new status quo.

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6 Comments on Increasingly, The Market Believes The ‘State Of Exception’ Has Become Permanent

Going ‘Ex Liquidity’ And A Macabre Celebration At TINA’s Funeral

January 10, 2019

“…cash ’embarrassed’ so many asset classes in 2018.”

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1 Comment on Going ‘Ex Liquidity’ And A Macabre Celebration At TINA’s Funeral

Fed Up: Full Week Ahead Preview

December 16, 2018December 17, 2018

No rest for the weary.

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1 Comment on Fed Up: Full Week Ahead Preview

Tokyo Whale Achieves Dubious Milestone As BoJ’s Balance Sheet Tops Japan’s GDP

November 13, 2018November 13, 2018

“Very powerful” easing indeed.

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1 Comment on Tokyo Whale Achieves Dubious Milestone As BoJ’s Balance Sheet Tops Japan’s GDP

The BoJ And An ‘Enormous’ Risk From A ‘Very Out-Of-Consensus’ View

October 31, 2018

Down the rabbit hole with the world’s most dovish central bank.

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4 Comments on The BoJ And An ‘Enormous’ Risk From A ‘Very Out-Of-Consensus’ View

Trying Times: Full Week Ahead Preview

October 28, 2018October 29, 2018

It can’t possibly be as bad as last week, right?

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1 Comment on Trying Times: Full Week Ahead Preview

Why Now?

October 28, 2018

Of bubble dynamics and ultimate ironies.

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5 Comments on Why Now?

In Case You Were Wondering, The Market Is Still Not Comfortable With BoJ Tapering

September 23, 2018September 24, 2018

“It should be fine”…

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Mark Your Calendar, The ‘Era Of Helicopter Money’ In Japan Has A Date

September 1, 2018September 1, 2018

“In other words, true helicopter money drop will begin.”

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2 Comments on Mark Your Calendar, The ‘Era Of Helicopter Money’ In Japan Has A Date

One Trader Isn’t Sure You People Know What An Actual ‘Crash’ Looks Like

August 2, 2018

“The breathless commentary about the large standard deviation move in JGB futures has reached a feverish pitch.”

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1 Comment on One Trader Isn’t Sure You People Know What An Actual ‘Crash’ Looks Like

Bank Of Japan Pays 1.6 Trillion Yen To Send A Message About The Message They Won’t Send On Tuesday

July 30, 2018

“What we need is positive attitude and conviction.”

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Blockbuster: Full Week Ahead Preview

July 29, 2018October 14, 2021

What summer lull?

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‘After A Decade’: With Central Banks At The Crossroads, A Look Back And Ahead

July 28, 2018July 28, 2018

“Two roads diverged in a yellow wood.”

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2 Comments on ‘After A Decade’: With Central Banks At The Crossroads, A Look Back And Ahead

Trader: There Is Only One Setting For Cowbell In Japan And It’s ‘More!’

July 24, 2018November 13, 2018

“…that’s a pipe dream.”

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Bond Yields Surge In Japan As BoJ Is Reminded Of Just How Fragile The JGB Market Truly Is

July 22, 2018July 22, 2018

Fragile, handle with care.

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2 Comments on Bond Yields Surge In Japan As BoJ Is Reminded Of Just How Fragile The JGB Market Truly Is

Let’s Say You’ve Been Buying 6 Trillion Yen A Year In ETFs And You Want To Sell. How Would That Work?

June 18, 2018June 18, 2018

Good luck.

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‘They’re Still The Largest Sellers Of Vol.’: And So, The Baton Is Passed To Forward Guidance

May 14, 2018May 14, 2018

Remember, “transparency as a way of stabilizing the markets has become a tool of suboptimal control.”

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2 Comments on ‘They’re Still The Largest Sellers Of Vol.’: And So, The Baton Is Passed To Forward Guidance

‘Bonds, Bonds, Everywhere!’

May 2, 2018May 2, 2018

“At what price?”

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2 Comments on ‘Bonds, Bonds, Everywhere!’

Spiraling Down The Rabbit Hole: What Happens When The Ammo Is Gone?

April 30, 2018

Down the rabbit hole you go.

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1 Comment on Spiraling Down The Rabbit Hole: What Happens When The Ammo Is Gone?

Around The World In 1,200 Words: Full Week Ahead Preview

April 22, 2018April 22, 2018

As usual, lots on the docket.

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Digesting Friday’s Draghi, ECB Headlines

April 20, 2018April 20, 2018

A poor choice of words (?) and another leak.

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2 Comments on Digesting Friday’s Draghi, ECB Headlines

Dollar Strength Is Hiding In Plain Sight, And One Strategist Says It’s Here To Stay

March 16, 2018March 16, 2018

Sustainable rally or dead cat?

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2 Comments on Dollar Strength Is Hiding In Plain Sight, And One Strategist Says It’s Here To Stay

Going Forward, There Is No Debate: ‘The Balance Sheet Effect Is One Of Tightening’

March 14, 2018

But hey, this should be fine, right?

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This Is What A Broken Market Looks Like: No One Traded 10Y JGBs On Tuesday

March 14, 2018March 14, 2018

Completely lifeless.

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2 Comments on This Is What A Broken Market Looks Like: No One Traded 10Y JGBs On Tuesday

Goldilocks Goes To War

March 11, 2018March 11, 2018

After all, she’s got a habit of hanging out with and implicitly taunting bears…

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1 Comment on Goldilocks Goes To War

You Will Have To Pry Kuroda’s ‘Very Powerful Easing’ From His ‘Very Cold, Very Dead’ Hands

March 9, 2018

Any questions? If so, you can direct them to Kuroda’s secretary, Tinker Bell.

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You’re Lying About Kuroda, So Let Kuroda Tell You What Kuroda ‘Never Said’

March 6, 2018March 6, 2018

Right. Get your shit straight people. 

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Monthly Letter+

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