Hardman feels that the failure to reach an agreement poses downside risks for the euro and risk assets in the near-term as the withdrawal of ECB support for the Cypriot banks would make them insolvent and the open door to a disorderly euro exit. He sees that the the yen has also strengthened following the first press conference yesterday from the new BoJ Governor Kuroda and Deputy Governors Iwata and Nakaso.

Hardman feels that in order to meet the target they will do whatever it takes which may include: i bringing forward open-ended asset buying which is currently scheduled to start in , ii will likely increase quantity and widen composition of asset purchases, and iii likely drop the bank note rule as not deemed necessary to avoid debt monetization. When asked about the possibility of the BoJ holding an emergency meeting before the next scheduled meeting on the 4th April, Governor Kuroda did not completely rule out the option.

Overall the comments were consistent with the BoJ shifting to a more aggressive monetary easing stance under the new leadership which was in line with current market expectations limiting their negative impact upon the yen in the near-term.

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