Yeah, I get that. But what's that got to do with US equity? I thought the inflation was already baked in to it.Ok. I could be way off….. BOJ wants to defend the yen. So BOJ sells US treasuries to buy yen to prop up their currency. Yen up ; treasury price down; treasury yield up; ES down. Right?
japan is in rough shape. Deflated currency ; capped out government debt yields; serious inflation.
Anyway, I'd like to think (along with @vanzandt) this is a trap. We'll find out in a few hours.