Bank of Japan Spends A Record $81 Billion To Avert Collapse, But $10 Trillion JGB Market Is Now Completely Broken

• Bank of Japan Spends A Record $81 Billion To Avert Collapse, But $10 Trillion JGB Market Is Now Completely Broken
  by Tyler Durden, https://www.zerohedge.com/
  Exactly one week ago, when quantifying the dizzying cost of the BOJ’s defense of its Yield Curve Control policy (at the expense of the collapsing yen), Deutsche Bank’s George Saravelos calculated that the “the BOJ printer is on overdrive”, and if the current pace of buying persists, the bank will have bought approximately 10 trillion yen in June. To put that number in context, it is roughly equivalent to the Fed doing more than $300bn of QE per month when adjusting for GDP.
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  Somewhat redundantly, the DB strategist said that this is a “truly extreme” level of money printing given that every other central bank in the world is tightening policy and is one of the reasons why he has been bearish on the yen. And as so many have argued, “currency intervention in this environment is simply not credible given it is the BoJ itself that is the cause of yen weakness.”
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