The JPY is the strongest and the AUD is the weakest as the NA session begins

The Bank of Japan surprised the markets by adjusting its yield curve control program to now allow for 10-year bond yields to target a band in and around 0.50% (doubling the previous band of 0.25%). The USDJPY ( and other JPY crosses) are all falling sharply (higher JPY) as a result. The USDJPY moved below the 200 day MA and also the 50% midpoint of the years trading range to a low of 131.986 (just below 132.00). Recall it was not long ago that the USDJPY was breaking above the 150 level as the yield differential widened between 'other global yields' and the corresponding JPY yields. The high for the USDJPY reached 151.938. That was the highest level going back to 1990. The higher JPY gives some relief to their inflation Inflation Inflation is defined as a quantitative measure of the rate in which the average price level of goods and services in an economy or country increases over a period of time. It is the rise in the general level of prices where a given currency effectively buys less than it did in prior periods.In terms of assessing the strength or currencies, and by extension foreign exchange, inflation or measures of it are extremely influential. Inflation stems from the overall creation of money. This money is m Inflation is defined as a quantitative measure of the rate in which the average price level of goods and services in an economy or country increases over a period of time. It is the rise in the general level of prices where a given currency effectively buys less than it did in prior periods.In terms of assessing the strength or currencies, and by extension foreign exchange, inflation or measures of it are extremely influential. Inflation stems from the overall creation of money. This money is m Read this Term concerns in that country, that were being ignored. There was still some pushback from BOJ Kuroda as he said:

• It is appropriate to continue easing policy
• Today's decision is not an exit of yield curve Yield Curve A yield curve is a line used to help determine interest rates of interest rates for a specific bond, differentiated by contract lengths. This is useful for contrasting maturity dates, for example 1 month, 1 year, etc.In particular, yield curves help underscore the relationship between interest rates or borrowing costs and the time to maturity.Some of the best examples of this include US Treasury Securities, which are among some of the most observed worldwide by traders. By determining the slope A yield curve is a line used to help determine interest rates of interest rates for a specific bond, differentiated by contract lengths. This is useful for contrasting maturity dates, for example 1 month, 1 year, etc.In particular, yield curves help underscore the relationship between interest rates or borrowing costs and the time to maturity.Some of the best examples of this include US Treasury Securities, which are among some of the most observed worldwide by traders. By determining the slope Read this Term control or change in policy
• Too early to debate exit from current monetary policy
• If possibility of achieving 2% inflation target draws near, we can discuss timing of exit
• It is still necessary to sustainably achieve 2% inflation target

The weakest currency is the AUD and the NZD. The USD is little changed vs the EUR, GBP, CHF and CAD, and higher vs the AUD and the NZD.

The US yields are higher with the 10 year up 7.7 basis points. If such monks are worried about inflation, higher yields would help to slow that trend. Stocks are modestly lower. Crude oil is up marginally as the NA session begins. Today the US housing starts and building permits will be released.

A snapshot of the markets are showing:

• Spot gold is trading up $11.60 or 0.64% at $1799.
• Spot silver is up $0.61 or 2.6% at $23.57
• WTI crude oil is trading up $0.72 at $76.14
• Bitcoin is trading at $16,830. That is near its high for the day at $16,871. The low for the day was at $16,402

In the premarket for US stocks, the futures are trading marginally lower levels after yesterday's declines. The major indices are working on their fifth straight day to the downside:

• Dow Industrial Average is trading unchanged after yesterday's -162.92 point decline
• S&P index is trading down 8.66 points after yesterday's -34.7 point decline
• NASDAQ index is down -47 points after yesterday's -159.38 point decline

in the European equity markets, the major indices are mixed:

• German DAX, -0.27%
• France's CAC -0.25%
• UK's FTSE 100 +0.1%
• Spain's Ibex +0.65%
• Italy's FTSE MIB unchanged

IN the US debt market, the yields are higher across the curve but with a steeper bias.

In the European debt market, the benchmark 10 yields are also trending to the upside: