"As If Record Yen Longs Suddenly Cried Out In Terror": The BOJ Goes Dovish, Slashes Growth Forecast, Sends Yen Plunging

For the past month we have been aggressively mocking the prevailing stupidity of FX markets, which were acting as if hypnotized in a collective delusion, believing that the BOJ would hike rates by another 25bps "any minute now", despite the looming global recession, the deflationary tsunami unleashed by China, and the soaring yen crushing Japanese exports, and repeatedly said there would be no more rate hikes...

... and if anything, brace for rate cuts, ZIRP, NIRP and money printing by the BOJ, as the next big selloff of the yen begins