Japan chief cabinet secretary Matsuno says Japan's financial system is stable

Matsuno is commenting after the news earlier of the Bank of Japan to take part in a flood of US dollars to made available to banks if needed. A round down of this is here if you missed it:

• Fed, BoE, BoJ, ECB SNB, BoC to coordinate action to enhance liquidity provision

More:

• ICYMI - Fed, ECB, BOJ, BOE, BOC, SNB announce coordinated intervention

Matsuno:

• Japan's financial system is stable as a whole
• Central banks swiftly ramped up efforts as risk-aversive moves seen in markets

Matsuno is correct on the swiftness of this response from the 6 big DM central banks. Similar was done in March 2020 as a response to the pandemic outbreak but the moves followed massive losses. This time the opening up of what can be referred to as a global USD discount window is much quicker, seeking to limit problems before they spiral out of control. So far the Federal Reserve Federal Reserve The Federal Reserve System, more commonly known as the Fed, represents the central banking system of the United States. Like other central banks globally, the Fed is responsible for monetary policy, in this case in the US.The Fed is one of the most watched and followed entities for forex traders, given its material impact on the US dollar. Founded initially in 1913, the Fed was created to perform a wide range of functions. This includes stabilizing and maintaining flexible monetary policy in the The Federal Reserve System, more commonly known as the Fed, represents the central banking system of the United States. Like other central banks globally, the Fed is responsible for monetary policy, in this case in the US.The Fed is one of the most watched and followed entities for forex traders, given its material impact on the US dollar. Founded initially in 1913, the Fed was created to perform a wide range of functions. This includes stabilizing and maintaining flexible monetary policy in the Read this Term's (existing arrangements for) FX swap lines have shown virtually no sign of crisis. It would be remiss of me not to mention, on the other hand, that this move is a clear sign of concern at official levels.

The other news is the purchase of Credit Suisse by UBS, arranged at the behest of, and mainly by, the Swiss government. This is another attempt to stem contagion risk.

Using the S&P500 emini as a proxy for global risk sentiment, its improved on the session so far. After a solid move up we've had a similar retracement to be left, as I post, slightly better on the session:

(This chart is from our charting app, which is free and can be found at this link)