My Kuroda! 

The Bank of Japan is facing the reality of a global economic slowdown. And any attempt to encourage a rising 10-year sovereign yield is made more complicated by the plunging Japanese Yen.


On the US side of the Pacific Pond, five US regional Federal Reserve banks are showing a slowdown in manufacturing outlook.


This corresponds to yesterday’s ISM Manufacturing plunge in new orders.


The US Treasury 10-year yield, like Japan’s, has been declining (along with the 30 mortgage rate), not quite what The Federal Reserve have in mind while unwinding their balance sheet.


Nothing like getting up at 3am EST to watch Japan melting down yield-wise. US 10Y Treasury yields are up about 5 basis points this AM.

Here is a video of global central banks trying to manage the global economy with monetary policy.