BoJ Joins ECB And Fed On Unlimited Print Train

Just as some do not believe in Santa, Christine Lagarde appeared to comment that she does not believe in currency wars (or competitive devaluation) this morning but sure enough, just a few hours later, Reuters rumors that the BoJ is about to join the Fed and ECB on the open-ended infinite print train. Sure enough, JPY is dumping (breaking recent highs on a stop-run), stocks are responding in their correlated carry way, and precious metals are surging (Silver +4.6% on the week) as fiat floods the world. It appears 2013 is the years of last last resort as the G-20 meme seems to be "if we can't reflate now, then it's all over." What is perhaps remarkable about the equity response is that everyone has known for two months that Japan plans on implementing a 2% inflation target. The only question has been "how" - and that it is only logical that the BOJ would use 'whatever means everyone else ...