Overnight, despite denying any such intention as little as a week ago, the BoJ “went negative,” charging 0.1% for holding new reserves created by QE. This drove Japanese bond yields to record lows, with the 10-year at 0.09% and the 30-year at 0.99%. And of course weakened the yen, exporting deflation to the rest of the world.

“I’ll have what she’s having” (When Harry Met Sally)

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