If there was a sign that nothing else matters but central bank largess, this was it. The moment The Bank of Japan statement hit and proclaims "unchanged" a vacuum hit USDJPY and Japanese stocks. Reflecting that Japan's economy has "continued a moderate recovery trend" which is utter crap given the quintuple-dip recession, Kuroda and his cronies said they will "add easing if necessary" and apparently that is not now. Not so much as a higher ETF purchase or moar NIRP.. and the aftermath is carnage - NKY -1000 points and USDJPY crashed to a 108 handle!!

• *BOJ WILL ADD EASING IF NECESSARY
• *BOJ: SEES LARGE DOWNSIDE RISKS FOR ECONOMIC OUTLOOK
• *BOJ: JAPAN'S CPI TO BE AROUND ZERO PERCENT FOR TIME BEING

Incidentally, this is what consensus looked like ahead of today's BOJ decision:

Of 41 respondents, 19 predict an increase in purchases of
exchange-traded funds, eight expect a boost in bond buying, and eight
project the BOJ will cut its negative rate.

And the result...

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Close-up...

Some context...

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The BoJ website crashed also.

The fallout is going global... Dow Futures tumbled 150 points to LoD...

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And Yuan surged...

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Just as we noted earlier, the biggest argument for a BOJ disappointment was that with the G7 meeting in Japan in on month on 26–27 May 2016, it’s unlikely that Japanese policymakers will want to draw attention yet again to the idea that they are in the business of manipulating the JPY lower. After all the most recent G20 meeting once again confirmed that absent "disorderly moves" in the Yen, the US would frown on any attempt to dramatically manipulate its currency lower.

Unless, of course, Abe wants to send Lew and Obama a message, that if China can enjoy a weaker dollar (courtesy of its USD peg), then so should the Bank of Japan.