Every major market rally of the last twenty years has eventually run through a government balance sheet. We're run by hedge fund managers. I think it's fair to point out that the MOF directs the BOJ here, and perhaps Reuters gets it wrong (and thus most people do before they can actually see the plumbing and balance sheets - which was something I said this morning), and this technically flips the narrative around the idea that it's defending the yen and burning money against selling the dollar.
But this is still policy driving markets at periods of extreme stress.
And that's the thing that keeps happening over and over and over.
Every major market rally of the last twenty years has eventually run through a government balance sheet. We're run by hedge fund managers. I think it's fair to point out that the MOF directs the BOJ here, and perhaps Reuters gets it wrong (and thus most people do before they can actually see the plumbing and balance sheets - which was something I said this morning), and this technically flips the narrative around the idea that it's defending the yen and burning money against selling the dollar.
But this is still policy driving markets at periods of extreme stress.
And that's the thing that keeps happening over and over and over.