in the space of four days you have had a growth shock a volatility shock and a VAR shock in terms of risk and deleveraging and you’d think oh it’s the fed that’s going to deliver the put no it’s not it is the Bank of Japan put which has been established very very clearly this is ucha the Bank of Japan saying we won’t raise rates further if the market is unstable this is essentially loosening Financial conditions and what is stability this is five and a half big figures up in dollar dying in Yen trading at 146 got at 147 for cash this is about unwinding $1.1 trillion worth of wealth WIP out in Japan in the equity markets so this is about when is stability coming 30% probability of another hike from the bank of Japan in November I love rbnb look at this story dying 14.16 because weaker bookings and a weaker Outlook