The currency market is finally starting to go the way Tokyo wants it to. After a violent post-quake spike, the yen has been selling off hard over the last 24 hours, helped by the realisation that the BoJ is probably the last central bank not to have a bias towards tightening. We’re not that far from erasing all of the post-quake yen gains.
This is good news for troubled Japanese equities.
The Nikkei had a big night. Other markets around the world are rallying.