It started in the bond market which has been selling off aggressively in recent days
Russell Jones
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meaning theatre artistic opportunities offer fly stage elements
They're shorting the yen and that's the right attitude. There's a feeling we're reaching some kind of endgame
attitude kind feeling
The Bank of Japan is fiddling at the edges with existing policy, but this isn't a quantitative easing,.. A fairly significant set of steps.
japan
These numbers are much better than anticipated. It is difficult to explain from the data we already have.
numbers data difficult
days market bond selling
That kicked into the equities market. Around 25 percent of bank profits come through bond holdings. If they are losing these capital gains then the banks are hit. People then started selling the yen because I think they started fearing things are not smelling too good here.
people good market losing things banks bond selling
The market wanted to rally,.. But I don't think anything fundamental has changed.
market
There is a lack of confidence but there were not any fundamental developments at all.
confidence lack
The decline seemed to kick in around the time of publication of data on machinery orders which is a key indicator of capital expenditure. It was well below forecast, down 12.5 percent on the month.
key time data
Dollar/yen has responded to horrific weakness in data which has continued over the last business day in Japan. Machinery orders were a bit of a horror story.
weakness business data story day japan horror
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