It wasn’t the BoJ board that helped strengthen the JPY as they had been reluctant to act at the last BoJ meeting preferring to not intervene in FX markets. There is wisdom in that decision since it is very hard to manipulate currencies and many nations have failed in the past like the RBNZ and the SNB. Instead, the weakness in the JPY looks like it has been been finally limited by a recovery in the debt market. US 10 year yields have moved lower on fears over. Coming US recession. The US10-02 yield inverted around the end of March this year and the Fed is hiking rates just as growth is starting to show. This has been ... (full story)