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Good afternoon and welcome to the real vision daily briefing. I'm at the Estinol from

Real Vision speaking and it's today Wednesday, the 21st of December. It's been another great

week in global macro, not least due to the decision taken by Bank of Japan yesterday.

Today we're going to ask the question whether this decision from Bank of Japan is just

a tempest in the teapot. I think that's a British saying, but I guess by a guess of the day

we'll get where I am going now. It's great to see you, Darius Dale, the founder of 42

macro. Andreas, it's great to be here, man. It's the last show of the year. Super excited

to be with you all. Darius, this decision taken by Bank of Japan. They obviously

moved the trade range for the 10 year bond yield from minus plus 25 basis points to the

double. So basically minus to plus 50 basis points instead. We got a decent move in the

Japanese bond space after that decision was taken. What do you make of it in a global context?

Yeah, so it's a lot going on. So from our perspective, the BLJ are led by outgoing

governor Haruiko Kamura, who's going to be these terms up in the spring of next year.

It's our belief that what they're effectively doing is sort of twofold. One,

acknowledging the fact that there's been some liquidity, significant deterioration in liquidity

in the JGB market, and so allowing for a wider band of trade, rider trading range to account for

...