The regular political "OMG what's happened now?!!!" posts will commence soon, I imagine :-D

But for now, other matters.

This from the Nikkei this morning:

  • The Bank of Japan has managed to stabilize long-term interest rates at its target level of around 0%
  • But its efforts ... may have planted the seeds of future volatility
  • With the central bank having gobbled up so many JGBs, there are simply fewer of them to be traded on the market. New bonds are being issued, but those, too, are soon pounced on by the central bank
  • "Since yields and prices don't move much, there is no reason now to actively trade JGBs," a bond dealer at a securities firm said. "Players are exiting the market."

The piece is here and is useful background while we await further US debacles developments