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2021-04-22

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In First Since 2016, Japanese Investors Panic After Stocks Tumble... And BOJ Refuses To Buy ETFs

Something happened on Tuesday that hasn't happened since 2016: Japan's Topix index (which is widely

In First Since 2016, Japanese Investors Panic After Stocks Tumble... And BOJ Refuses To Buy ETFs

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And BOJ Refuses To Buy ETFs","url":"https://stock-news.laohu8.com/highlight/detail?id=1160213866","media":"zerohedge","summary":"Something happened on Tuesday that hasn't happened since 2016: Japan's Topix index (which is widely ","content":"<p>Something happened on Tuesday that hasn't happened since 2016: Japan's Topix index (which is widely viewed as more representative of Japanese equities than the Nikkei) tumbled by 1.2% in the morning session.... and the BOJ did not intervene.</p>\n<p>Why is this notable? Because - in a world where everyone is now completely used to Plunge Protection Teams and central bank bailouts as if it is a perfectly expected event -&nbsp; this was<i><b>the first time since at least 2016</b></i>that the Bank of Japan did<i><b>not</b></i>make an ETF purchase after the Topix fell more than 1% in the morning session.</p>\n<p><img src=\"https://static.tigerbbs.com/1f59c8eaea3a7f2b64d31c823d57c9f2\" tg-width=\"500\" tg-height=\"240\" referrerpolicy=\"no-referrer\">To be sure, the BOJ's lack of intervention was to be expected: as a reminder, the central bank tweaked its ETF purchase program at the March meeting, with changes that&nbsp;came into effect&nbsp;in April. As part of its policy review, theBOJ on March 19 saidit would buy ETFs<i><b>as needed,</b></i>scrapping the previously 6T yen annual target, but keeping its 12T yen upper limit on purchases</p>\n<p>Previously, the largest drop that has not led to the BOJ buying was the 0.89% full-day decline on Feb. 24; In other words, any time the Topix would drop by 1% or more, the BOJ would step in or else there would be a market crash. Furthermore, before this year, the BOJ typically&nbsp;bought&nbsp;if the Topix fell more than 0.5% in the morning session.</p>\n<p>But not this time.</p>\n<p>Which is why on Wednesday stocks, which were already sliding amid fears of fresh Japanese lockdowns due to new covid cases, there was a 2% puke in the market as a frentic Mrs Watanabe panicked that the BOJ had finally forsaken her and everyone else.</p>\n<p>However, realizing that two days in a row without ETF purchases would likely lead to a market crash, on Wednesday things got back to normal, with the BOJ buying 70.1BN yen of ETFs, the first purchase since March following the Topix index’s more than 2% decline in the morning session today.</p>\n<p><img src=\"https://static.tigerbbs.com/b30360b5bb8f0bef8190ea9eb22257e1\" tg-width=\"500\" tg-height=\"241\"></p>\n<p>And so, with the BOJ \"blinking\" and indicating that it can't possibly step away from plunge protecting for any extended period of time, expect Japanese stocks to soar when they reopen on Thursday, in the process assuring that when one day the BOJ's interventions no longer work, the crash will be one from which nobody will ever recover.</p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>In First Since 2016, Japanese Investors Panic After Stocks Tumble... 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And BOJ Refuses To Buy ETFs\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-04-22 09:56 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.zerohedge.com/markets/first-2016-japanese-investors-panic-after-stocks-tumble-and-boj-refuses-buy-etfs><strong>zerohedge</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Something happened on Tuesday that hasn't happened since 2016: Japan's Topix index (which is widely viewed as more representative of Japanese equities than the Nikkei) tumbled by 1.2% in the morning ...</p>\n\n<a href=\"https://www.zerohedge.com/markets/first-2016-japanese-investors-panic-after-stocks-tumble-and-boj-refuses-buy-etfs\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{},"source_url":"https://www.zerohedge.com/markets/first-2016-japanese-investors-panic-after-stocks-tumble-and-boj-refuses-buy-etfs","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1160213866","content_text":"Something happened on Tuesday that hasn't happened since 2016: Japan's Topix index (which is widely viewed as more representative of Japanese equities than the Nikkei) tumbled by 1.2% in the morning session.... and the BOJ did not intervene.\nWhy is this notable? Because - in a world where everyone is now completely used to Plunge Protection Teams and central bank bailouts as if it is a perfectly expected event -  this wasthe first time since at least 2016that the Bank of Japan didnotmake an ETF purchase after the Topix fell more than 1% in the morning session.\nTo be sure, the BOJ's lack of intervention was to be expected: as a reminder, the central bank tweaked its ETF purchase program at the March meeting, with changes that came into effect in April. As part of its policy review, theBOJ on March 19 saidit would buy ETFsas needed,scrapping the previously 6T yen annual target, but keeping its 12T yen upper limit on purchases\nPreviously, the largest drop that has not led to the BOJ buying was the 0.89% full-day decline on Feb. 24; In other words, any time the Topix would drop by 1% or more, the BOJ would step in or else there would be a market crash. Furthermore, before this year, the BOJ typically bought if the Topix fell more than 0.5% in the morning session.\nBut not this time.\nWhich is why on Wednesday stocks, which were already sliding amid fears of fresh Japanese lockdowns due to new covid cases, there was a 2% puke in the market as a frentic Mrs Watanabe panicked that the BOJ had finally forsaken her and everyone else.\nHowever, realizing that two days in a row without ETF purchases would likely lead to a market crash, on Wednesday things got back to normal, with the BOJ buying 70.1BN yen of ETFs, the first purchase since March following the Topix index’s more than 2% decline in the morning session today.\n\nAnd so, with the BOJ \"blinking\" and indicating that it can't possibly step away from plunge protecting for any extended period of time, expect Japanese stocks to soar when they reopen on Thursday, in the process assuring that when one day the BOJ's interventions no longer work, the crash will be one from which nobody will ever recover.","news_type":1},"isVote":1,"tweetType":1,"viewCount":244,"commentLimit":10,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"symbols":[],"verified":2,"subType":0,"readableState":1,"langContent":"EN","currentLanguage":"EN","warmUpFlag":false,"orderFlag":false,"shareable":true,"causeOfNotShareable":"","featuresForAnalytics":[],"commentAndTweetFlag":false,"andRepostAutoSelectedFlag":false,"upFlag":false,"length":4,"xxTargetLangEnum":"ORIG"},"commentList":[],"hasMoreComment":false,"orderType":2}

In First Since 2016, Japanese Investors Panic After Stocks Tumble... And BOJ Refuses To Buy ETFs

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