Haruhiko Kuroda is clearly the Dennis Gartman of the central banking world.
Last night (based on the time zone in this once-great republic of the United States), the news came out that although Japan wouldn’t be making interest rates even more negative (yes, this is the topsy-turvy world we live in…….more negative) they would be introducing “yield control”, whatever the hell that means.
After a few moments of initial panic, the market liked what it heard and did precisely what Kuroda wanted: bid the US dollar up mightily versus the Japanese yen.
However, since everything Kuroda touches these days turns to dog poo within, at most, a few hours, the inevitable has happened:
All I can say is, no matter what Yellen comes out with today, I hope she gets the same result.