Overnight, BOJ’s no rate hike stance fuels RISK ON rally; market instability persists…Mohamed A. El-Erian: Yen weakens 2% due to BoJ’s dovish stance, conflicting with economic needs.

Overnight, the BOJ fueled a global RISK ON rally with their announcement that there will be no further rate hikes while markets are "unstable":https://t.co/nX1iahwa8M

For pundits such as Zerohedge who are still asserting that a mere .25% rate hike imploded the global Ponzi… pic.twitter.com/38TOmfe5gR

— Mac10 (@SuburbanDrone) August 7, 2024

Back to above 147 per US dollar:
The Yen is currently trading 2% weaker on the day in response to dovish signals from the Bank of Japan.
Specifically, BoJ Deputy Governor Uchida noted that, due to “financial and capital markets at home and abroad being extremely volatile,” he… pic.twitter.com/5Lg39G4jKa

— Mohamed A. El-Erian (@elerianm) August 7, 2024