USD/JPY Spikes on BoJ "Monetary Control" Meeting, Nikkei Up 3% (FXY, NKY)

USD/JPY spiked on this news and Tokyo's Nikkei 225 Index was up 3%. Traders last week were already gaming the Nikkei to the upside. S&P and Nasdaq E-Mini futures are up 0.80%. Recently the U.S. markets have been following the Nikkei. Check out the charts below and the BoJ release.
http://www.boj.or.jp/en/type/release/adhoc10/un1008c.pdf

"August 30, 2010 Bank of Japan

Calling of an Unscheduled Monetary Policy Meeting

Today, in accordance with Article 17 of the Bank of Japan Act, the Chairman of the Policy Board decided to call an unscheduled Monetary Policy Meeting as follows.

Time: Monday, August 30, 2010, from 9:00 a.m.

Purpose: To discuss monetary control matters based on recent economic and financial developments."

*Update: "@DailyFXTeam $USDJPY drops after BOJ expands credit program to 30 trillion yen from 20 trillion; some were expecting intervention"


USD/JPY (US Dollar/Japanese Yen) Courtesy of FreeStockCharts.com



Nikkei 225 Index (Tokyo) - Courtesy of Bloomberg.com




We'll see how long the rally lasts...

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