Yen Cross Liquidation Post BoJ

JPY strength has dominated post the BoJ YCC shift. USD/JPY eventually got down to a the 133.00 level, a near 3% gain in yen terms. This is fresh lows for the pair back to mid-August. We have stabilized somewhat, last around the 133.15 level, with Kuroda's press conference the focus early in London.

• The initial impetus was for the rest of G10 to rally post the BoJ, but this quickly reversed as cross asset headwinds materialized. Equities were weaker across the board (US/EU futures down over 1%), while core yields rose. US 10yr are around 10bps higher, last tracking at 3.68%.
• AUD/USD rose above 0.6740 post the BOJ, but is now back at 0.6630/35, 1% down for the session. This leaves AUD/JPY off by 3.66% and back to the 88.35/40 region.
• NZD/USD was initially an underperformer relative to the A$, following poor survey data, but losses have been on par this afternoon. NZD/USD is threatening uptrend channel support, last close to 0.6300.
• EUR/JPY is back sub 141.00, note the simple 200-day MA comes in close to 140.12.
• Outside of Kuroda's press conference, the upcoming focus will be on German PPI, while in the US housing starts are due.