So, the yen advanced over 300 pips, and the Tokyo stock exchange kinda crashed. The move was so big that Japanese bond futures tripped a circuit breaker and had to be suspended for a while. There are a plethora of articles talking about how this move has global implications. Just yesterday, everyone thought that BOJ meeting would be another “meh”. What happened? Understanding the BOJ First, there was unanimity among economists polled by Bloomberg ahead of the meeting that the BOJ wouldn’t change its policy at this meeting. As we talked about yesterday, there was a potential that the BOJ would adjust its yield curve ... (full story)