Capitulation: Yen Plunges, Nikkei Soars After BOJ's Uchida Says "Will Not Raise Rates When Markets Are Unstable"

It hasn't been even a full week since the BOJ's catastrophic decision to hike rates by 25bps in a slowing, deflating economy, a decision which we said the BOJ would make for purely political reasons, yet which touched on in our preview last week....