It’s insane. Every bank analyst is writing up reports saying the BOJ should intervene, the G7 will give them the green-light to intervene, they must intervene…blah blah, blah.
The time for intervention was nearly a week ago. You don’t wait and see; you act decisively. You tell the market don’t try and take advantage of a tragedy.
The BOJ, I’ve been saying since last Friday morning, Should have carved out a range for USD/JPY around levels at the time (somewhere between 82 and 83) and been done with it…Instead, they watchfully waited for USD/JPY to crater.
They get the Oscar for worst central bank…