Now that the Fed's circle jerk is out of the way, and the ECB dog and pony show was last week, all eyes are on the Bank of Japan tonight (Thursday in Tokyo). Into this event, USDJPY has rallied because Kuroda is expected to unleash the fury again. Unfortunately to date his efforts to weaken the currency have failed. Why have they failed? Because Kuroda is now literally fighting himself in the form of three years of $3 trillion in stimulus that was lent out globally. Now that money is coming back to Japan, and he is trying to stem the tide.
A Mega circle jerk...
There's nothing quite as special as a moron having to contend with his own prior asinine policies, and failing miserably.
"Let's see, we buried them with $3 trillion of hot money, so let's see if they'll take some more..."
BOJ balance sheet (black) with USDJPY:
