Bloomberg have an interesting piece up on incoming Bank of Japan Governor Ueda, who replaces long-term head of the bank Kuroda from April 8.
There is nothing much new in the piece, it reiterates that ultra-loose BOJ is to be tightened a little under the new Governor, but its still some time away.
- The flow reversal is already underway. Japanese investors sold a record amount of overseas debt last year as local yields rose on speculation that the BOJ would normalize policy. Kuroda added fuel to the fire last December when he relaxed the central bank’s grip on yields by a fraction. In just hours, Japanese government bonds plunged and the yen skyrocketed, jolting everything from Treasuries to the Australian dollar.
Bloomberg, of course, is gated but I dug up the piece elsewhere, link. Its worth a read on this relatively sedata Asai session.
