The Bank of Japan came out this morning and admitted that helicopter money is not on the agenda.
The yen pared an advance against the dollar as it emerged that an interview in which Bank of Japan Governor Haruhiko Kuroda dismissed the idea of so-called helicopter money was conducted in June.
The Japanese currency earlier jumped more than 1 percent after, in comments broadcast on BBC Radio 4 on Thursday, Kuroda said there was no need or possibility for such a strategy. The interview was conducted on June 17, a BBC spokeswoman said.
Source: Bloomberg
This is not a surprise to anyone who does actual analysis. Kuroda said back in April 2016 that the Bank of Japan CANNOT implement helicopter money because it is ILLEGAL under Japan’s constitution.
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The fact is that the market broke out to new all time highs based on a complete lie. Helicopter money is not coming to Japan… at least not any time soon. The entire market move from the BREXIT lows has been a desperate manipulation by Central Banks as they begin to lose control of the financial system.
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Best Regards
Graham Summers
Chief Market Strategist
Phoenix Capital Research
