In our preview of last week's BOJ we refrained from giving details and merely shared a candid assessment of what we thought the result would be:
BOJ preview: whatever is the dumbest possible thing that can happen, is what will happen. 100% guaranteed
— zerohedge (@zerohedge) July 30, 2024
And we were right, because by deciding to hike rates into an economic showdown, the BOJ - which as we noted last week "changed the rules" again - has unleashed a financial apocalypse by creating a positive feedback loop that culminates with a deflationary collapse of all assets (as the bank now goalseeks a surge in the yen and thus deflation and economic devastation) which has led to not only to the Nikkei promptly entering a bear market from its all time high hit just 3 weeks ago and wiping out all of its year to day gains, not to mention collapsing 15% since last week's BOJ meeting which we knew would be a disaster...
... which has also just suffered its biggest two-day drop in history, surpassing Black Monday...
... but also the halt of trading of both its peer, the Topix...
- *CIRCUIT BREAKER TRIGGERED FOR TOPIX INDEX
... as it too enters a bear market...
- *JAPAN'S TOPIX INDEX FALLS 20% FROM JULY PEAK
... and the entire Japanese bond market:
- *CIRCUIT BREAKER TRIGGERED FOR JAPAN GOVT BOND FUTURES
Meanwhile, among today's freefalling stocks are such names as the iconic Nintendo...
- *NASDAQ 100 FUTURES DROP AS MUCH AS 2%
...and perhaps something more troubling, is that Japan's megabanks are in freefall, starting with Mizuho...
- *MIZUHO SHARES FALL AS MUCH AS 12%, MOST SINCE MARCH 2020
and ending with Japan's largest bank, its JPMorgan, if you will, which just plunged the most on record!
- *MUFG SHARES FALL AS MUCH AS 21%, RECORD INTRADAY DECLINE
It's not just Japan: Korea is getting swept in as well...
- *KOSPI INDEX SLUMPS, TAKING LOSSES FROM JULY PEAK TO 10%
... and of course, the US, where Nasdaq futures crashing as much as 2% and the S&P is down 1.1%
- *NASDAQ 100 FUTURES DROP AS MUCH AS 2%
And then there's bitcoin which, well, lets not even go there.
So strap in folks, the day is just getting started...
In our preview of last week's BOJ we refrained from giving details and merely shared a candid assessment of what we thought the result would be:
BOJ preview: whatever is the dumbest possible thing that can happen, is what will happen. 100% guaranteed
— zerohedge (@zerohedge) July 30, 2024
And we were right, because by deciding to hike rates into an economic showdown, the BOJ - which as we noted last week "changed the rules" again - has unleashed a financial apocalypse by creating a positive feedback loop that culminates with a deflationary collapse of all assets (as the bank now goalseeks a surge in the yen and thus deflation and economic devastation) which has led to not only to the Nikkei promptly entering a bear market from its all time high hit just 3 weeks ago and wiping out all of its year to day gains, not to mention collapsing 15% since last week's BOJ meeting which we knew would be a disaster...
... which has also just suffered its biggest two-day drop in history, surpassing Black Monday...
... but also the halt of trading of both its peer, the Topix...
- *CIRCUIT BREAKER TRIGGERED FOR TOPIX INDEX
... as it too enters a bear market...
- *JAPAN'S TOPIX INDEX FALLS 20% FROM JULY PEAK
... and the entire Japanese bond market:
- *CIRCUIT BREAKER TRIGGERED FOR JAPAN GOVT BOND FUTURES
Meanwhile, among today's freefalling stocks are such names as the iconic Nintendo...
- *NASDAQ 100 FUTURES DROP AS MUCH AS 2%
...and perhaps something more troubling, is that Japan's megabanks are in freefall, starting with Mizuho...
- *MIZUHO SHARES FALL AS MUCH AS 12%, MOST SINCE MARCH 2020
and ending with Japan's largest bank, its JPMorgan, if you will, which just plunged the most on record!
- *MUFG SHARES FALL AS MUCH AS 21%, RECORD INTRADAY DECLINE
It's not just Japan: Korea is getting swept in as well...
- *KOSPI INDEX SLUMPS, TAKING LOSSES FROM JULY PEAK TO 10%
... and of course, the US, where Nasdaq futures crashing as much as 2% and the S&P is down 1.1%
- *NASDAQ 100 FUTURES DROP AS MUCH AS 2%
And then there's bitcoin which, well, lets not even go there.
So strap in folks, the day is just getting started...