EURO Market Is Happier Front Running Japanese Flow

Everything has been about the current yen show. If you missed an episode do not worry, one can catch up rather easily. The moves are quasi-predictable, certainly repetitive and a license to print money according to so many – what is not to like? Financial markets are even respectful, moving sideways, as investors patiently wait for the mighty dollar to break through the 100-yen mark and this despite the faux pas from FOMC minute's fiasco yesterday. Global equities have taken their lead from the Fed's well-publicized mistake. Yesterday's leaked minutes showed that US policy makers seem in no hurry to pull back on their bond-buying program, even admitting to having a debate over when it should end its stimulus program.

The Bank of Japan has only just begun. As European markets struggle with direction, Capital Market seems to know that it has yet to feel the full ramification of the BoJ's shift to a much looser monetary policy. Under these circumstances the investor should...