- Global Markets Stunned By Biggest Japan Crash Since 2013; All Eyes On Deutsche Bank
by Tyler Durden, www.zerohedge.com
With China offline for the rest of the week, global markets have found a new Asian bogeyman in the face of Japan which as reported last night saw its markets crash, and the Yen soar, showing that less than 2 weeks after the BOJ unveiled NIRP, yet another central bank has lost control.
The Nikkei crashed 5.4%, the biggest drop since June 2013, plunging over 900 points to August 24 lows driven by collapsing bank stocks while the Yen soared to 114.50 overnight before the BoJ desperately tried to push the Yen lower, with London dealers reported the Japanese central bank was checking rates and levels to prompt short covering through 115.
But while the BOJ failed to push up equities, it certain managed to launch a panic buying spree in JGBs, which as also reported finally saw the 10 Year Japanese TSY slide into negative yield territory, thus boosting the global number of bonds with a negative yield to just shy 30% of total or roughly $7 trillion!