After all the build-up the Bank of Japan has significantly disappointed the market driving further yen strength again. The announcement of monetary policy could have included a further cut to the depot rate, further purchases of JGBs (Japanese Government Bonds), increased ETF purchases (all of which had been highly possible) and perhaps even the talk of helicopter money (hopeful but still highly unlikely). In the event the Bank of Japan pretty much did the minimum it could have been expected to do. The extension of ETF purchases from the current 3.3 trillion yen per year to 6 trillion along with no other easing ... (full story)