This is the problem. BoJ is currently sitting at 0.75% while the Fed is near 3.75%.

that 300bp spread is basically a neon sign telling every carry trader on the planet to keep selling yen. three members of the BoJ board voted to hike at last week's meeting, the biggest internal

BREAKING: Japan just confirmed a massive Yen-buying intervention.

Last time the Bank of Japan sold US dollars to save the Yen, global markets crashed brutally.

But this time it is even worse.

Today they are dealing with two problems at the same time.

Japan's 10 year bond

Wednesday was less about what $SPX did, and more about what it hid

The flat session did not reveal:

- June Brent surging to a 4yr high
- The 6th largest crude inventory draw since 1982
- Yields spiking higher across the curve
- 8 of 11 sectors closing in the red
- <29% of

Just before and after FOMC:
First move is fake.
Second move is fake.
Third move is a trap.
The fourth move is the real trend.

By the time the fourth move hits, most traders are still busy explaining why the third one “looked right.”