Another wild 24 hours with FX and bond market volatility firmly to the fore, no more so than in all things JPY after MoF ordered FX intervention for the first time since 1998, following USD/JPY making new highs above Y145 post a studiously unchanged BoJ, and 10-year Treasuries where yields are 17bps higher at 3.70% having fallen slightly in the immediate aftermath of Wednesday’s FOMC meeting conclusion. Except for the Swedish Riksbank earlier in the week (+100bps) all this week’s central bank meetings have concluded with policy rate changes that conformed to pre-meeting consensus expectations, the Fed and SNB each by ... (full story)