BOJ Not Buying Stocks = Nikkei Back In Crash Mode

Takeaway: Nikkei back in crash mode as the BOJ didn't buy stocks last night.

Dollar Down, Yen Up …. And the Nikkei smoked right back into crash mode (-1.6% overnight and -21% from the 2015 Global Equity #Bubble peak) as the BOJ did the un-thinkable and didn’t “buy stocks” into the bell… (this should all end well). The JGB 10yr Yield fell 2bps to -0.11%.

 

Meanwhile, Nikkei Asian Review reports that Japan's stalling growth is adding fuel to the GDP measurement debate between the Bank of Japan and the Cabinet Office. Funny how these debates always heat up when output sucks.

 

 

Editor's Note: The snippet above is from a note written by Hedgeye CEO Keith McCullough and sent to subscribers this morning. Click here to learn more.