USDJPY and JGB Futures are tumbling after the Bank of Japan 'tapers' its purchasing of longer-dated bonds. JPY strengthens... We previously noted the fact that the QE party was over in Japan as its balance sheet declined for the first time since 2012... Under “QQE” – so huge that the BOJ called it Qualitative and Quantitative Easing to distinguish it from mere “QE” as practiced by the Fed at the time – the BOJ has been buying Japanese Government Bonds (JGBs), corporate bonds, Japanese REITs, and equity ETFs, leading to astounding month-end to month-end surges in the balance sheet. But now the “QQE Unwind” has ... (full story)