The BoJ doubled down on bond buying in order to maintain its cap on 10 Year yields. The Yen should fall further, but this might force Chinese policy makers to allow their currency to depreciate in order to stay competitive. If, however, the commitment of the BoJ waivers, then a rise in Japanese yields will push global yields higher, and USDJPY could gap lower. The ECB is also contemplating tighter policy, whilst grappling with the need to cap Italian yields. And all this is happening to a backdrop where commodities and consumers are showing signs that demand destruction is now starting to take hold.