Nomura closed a long recommendation in Japanese bonds. Although they expect the new BOJ governor to embark on more aggressive easing, they say there is “a good chance” they will carry out non-JGB operations. No comment on what those operations might be but there is a chance of foreign bonds, although something domestic is much more likely.

Overall, you could take the note as a sign that they think the market has fully priced in an agressive BOJ. For the yen (with resistance at 95.00 looming), that could mean we’re near the top.