Loading ...In a decision that came dramatically late, hitting shortly after midnight east coast time, the Bank of Japan finally unveiled its much anticipated QE revision which it called “QQE with Yield Curve Control”, and which when stripped of all the rhetoric was basically the Reverse Operation Twist we previewed two weeks ago: an attempt to steepen the yield curve without lowering rates further, and without purchasing more securities; in fact the BOJ did largely nothing which is why as the chart below show, the USDJPY is now precisely where it was before the BOJ announcement.
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