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?