It looks like USDJPY is spiraling out of control.
As government bonds 10y interest is artificially kept under a given level, and given inflation expectatios, usdjpy explodes.
BoJ is not able to stop the rise, except for some short-lived attempts. This attracts speculators for easy money, driving further up usdjpy, more inflation, more yield curve control, more printes, up usdpy, more inflation...
Despite formal statements by minister Suzuki, ot seems that nobody is able to stop this long term bull run from exploding.
As government bonds 10y interest is artificially kept under a given level, and given inflation expectatios, usdjpy explodes.
BoJ is not able to stop the rise, except for some short-lived attempts. This attracts speculators for easy money, driving further up usdjpy, more inflation, more yield curve control, more printes, up usdpy, more inflation...
Despite formal statements by minister Suzuki, ot seems that nobody is able to stop this long term bull run from exploding.