Japan To Downgrade Economic Assessment In April, So More BOJ QE Right? (Spoiler Alert: No)

Moments ago the Nikkei strategically leaked a report that the Japanese cabinet office, quite expectedly, will downgrade its economic assessment in its April report. "Expected" because as we reported, discretionary spending following the sales tax hike, has gotten crushed. Also not unexpected, the USDJPY took the news in stride and posted a modest bounce in the face of today's relentless selling of the pair.