Haruhiko Kuroda is clearly the Dennis Gartman of the central banking world.
Last night (based on the time zone in this once-great republic of the United States), the news came out that although Japan wouldn’t be making interest rates even more negative (yes, this is the topsy-turvy world we live in…….more negative) they would be introducing “yield control”, whatever the hell that means.
After a few moments of initial panic, the market liked what it heard and did precisely what Kuroda wanted: bid the US dollar up mightily versus the Japanese Yen.
