Bernanke to the rescue: Once again, the topic of expectations has become crucial for the performance of markets at least. Yesterday, JPY saw its biggest one-day decline since 2014 on expectations that the Abe coalition government would launch a ‘bold’ fiscal package. The market is now priced for more than JPY10trn, but it will be more about the fiscal-monetary coordination that is driving markets, especially local equities and JPY, over the next few days and weeks . The previous Fed Chairman Bernanke, who initiated QE3, is visiting the BoJ, inflating markets with expectations that the BoJ is accompanying the fiscal ... (full story)