As was purposefully leaked last week to avoid any chance of market surprise, that giant monetary chemistry lab that is the Bank of Japan did precisely as had been reported, and on Monday morning the BOJ joined the Fed's and announced it would launch unlimited QE, or rather that it would purchase "a necessary amount of JGBs without setting an upper limit so that 10-year JGB yields will remain at around zero percent." Previously, the BOJ's guideline on government debt was to increase holdings by around 80 trillion yen ($743 billion) per year, which is ironic as the BOJ was having trouble monetizing a far smaller percentage of this amount.

While we wish Kuroda the best of luck in overtaking the Fed and ECB in nationalizing the market, we will remind the central banker that it is not an issue of monetization demand, but rather supply, that has shrank the impact of Japan's QE on devaluing the Japanese Yen, with the annual amount of bonds purchased by the central bank declining consistently every year as there are simply not enough bonds available in the open market for the central bank to buy, and is also one of the reasons why Japan has been urged by various entities to boost its fiscal stimulus to provide the BOJ with the "helicopter money" ammo it so desperately needs to keep the Japanese economy running.