Japan’s damp squib
The BoJ has bodged its monetary policy. Expect the yen to fall further into a mounting crisis.
As widely expected, the Bank of Japan raised its deposit rate from minus 0.1% to a target range of 0%—0.1%. And it would now pay 0.1% on commercial bank deposits.
Foreign exchanges were unimpressed, as the chart below shows:
Does this indicate a double bottom for the currency, or will it breach November’s lows?
