When modern art meets global financial markets and monetary malaise

We were going to write about JGB yields jumping after the BoJ disappointed the market and made some (Nomura) think that even if the BOJ hasn’t reached the point where it can no longer deepen its use of current policy tools, “continued use of those tool…

We were going to write about JGB yields jumping after the BoJ disappointed the market and made some (Nomura) think that even if the BOJ hasn't reached the point where it can no longer deepen its use of current policy tools, "continued use of those tools could hasten the point at which it becomes difficult for the BOJ to act, with the exception of foul play*"

We were then going to compare that jump in yields to a similar jump in May 2013, when 10-year yields spiking "above 1% for the first time in 14 months... fed into an astonishing 7.3% slide in the Nikkei 225", according to BoNYMellon's Simon Derrick, and note that all we can really learn from that move is that it led to market turmoil.

But then we saw this work of chart, from Nomura's credit team, and all of that good work was undone:

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