01/31/2016 - USD/JPY surges as BOJ crosses the negative interest rate Rubicon

* USD/JPY surges as BOJ crosses the negative interest rate Rubicon
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The normally tranquil Friday Asian session of trade was rudely interrupted this week by a surprise decision from the Bank of Japan.

The excitement started just as US markets were closing down for the day when Japan released disappointing data on household spending (-4.4% y/y vs. -2.3% expected) and Tokyo Core CPI (-0.1% vs. +0.1%) eyed. Then, about an hour before the BOJ's official monetary policy announcement, the massive Japanese conglomerate Nikkei reported that BOJ members had discussed the prospect of negative interest rates in an effort to stimulate Japan's moribund economy. Anyone who's been following the central bank rumor mill over the past few years know that...Full text »

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