From omnipotence to impotence… Peter Pan(ic) is here…

NKY is 1000 points below pre-NIRP levels and USD/JPY is 4 handles lower (JPY stronger)…

Simply put – not only are words not enough to create the only effect that Central Banks care about, but their actions are now worse than doing nothing…

Japanese Bank stocks are down 25% since NIRP was unleashed (and 32% since the start of the year)…