The main effect is first of all that the yen has stabilized massively against the dollar. the Bank of Japan is no longer throwing any US government bonds into the market to support the yen. in my opinion, this is also an effect that is being achieved through the interaction between the Fed and the BoJ. the Europeans are suffering, as the carry trade between the yen and the euro is disappearing into thin air. this means that one of the most important sources of financing for European debt is disappearing. this could become even more dramatic
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