1.04%, the NASDAQ 1.03% and the Nikkei went limit-up to rise 10.23% after triggering circuit breakers on its way to a 12.40% loss the day before. Europe missed out, with the EuroStoxx 50 and the DAX little changed, the FTSE up smalls and the CAC 40 posting small losses.

The US yield curve bear steepened over the course of yesterday as 2-year yields rose 5.5bps and 10's added 10.3bps. The JPY has weakened in early trade this morning to 146.50 after BOJ Deputy Governor Uchida appeared to capitulate to markets, suggesting that the BOJ won't raise rates while financial markets are volatile. Considering that the volatility only arrived after the BOJ raised rates, that reads as a bit of a platitude.