Regular Ruminations

In our preview of last week's BOJ we refrained from giving details and merely shared a candid assessment of what we thought the result would be:
在我们对上周日本银行的预览中，我们没有提供细节，仅分享了我们对结果的坦诚评估：

And we were right, because by deciding to hike rates into an economic showdown, the BOJ – which as we noted last week “changed the rules” again – has unleashed a financial apocalypse by creating a positive feedback loop that culminates with a deflationary collapse of all assets (as the bank now goalseeks a surge in the yen and thus deflation and economic devastation) which has led to not only to the Nikkei promptly entering a bear market from its all time high hit just 3 weeks ago and wiping out all of its year to day gains, not to mention collapsing 15% since last week's BOJ meeting which we knew would be a disaster...
我们是对的，因为通过决定在经济对峙中加息，日本银行——正如我们上周提到的“再次改变规则”——释放了一场金融末日，创造了一个正反馈循环，最终导致所有资产的通缩崩溃（因为该银行现在追求日元的飙升，从而导致通缩和经济破坏），这不仅使得日经指数迅速从三周前创下的历史高点进入熊市，抹去了所有的年初至今的收益，更不用说自上周日本银行会议以来下跌了 15%，我们知道这将是场灾难……

... which has also just suffered its biggest two-day drop in history, surpassing Black Monday...
...这也刚刚经历了历史上最大的两天跌幅，超过了黑色星期一...

... but also the halt of trading of both its peer, the Topix...
... 还包括其同行 Topix 的交易暂停...

• *CIRCUIT BREAKER TRIGGERED FOR TOPIX INDEX
  *TOPIX 指数触发熔断机制

... as it too enters a bear market...
...因为它也进入了熊市...

• *JAPAN'S TOPIX INDEX FALLS 20% FROM JULY PEAK
  日本东证指数从 7 月高点下跌 20%

... and the entire Japanese bond market:
...以及整个日本债券市场：

• *CIRCUIT BREAKER TRIGGERED FOR JAPAN GOVT BOND FUTURES
  *日本政府债券期货触发了熔断机制

Meanwhile, among today's freefalling stocks are such names as the iconic Nintendo...
与此同时，今天自由下跌的股票中包括了标志性的任天堂等公司...

• *NASDAQ 100 FUTURES DROP AS MUCH AS 2%
  *纳斯达克 100 期货下跌最多 2%

...and perhaps something more troubling, is that Japan's megabanks are in freefall, starting with Mizuho...
...也许更令人担忧的是，日本的巨型银行正在自由下跌，从瑞穗银行开始...

• *MIZUHO SHARES FALL AS MUCH AS 12%, MOST SINCE MARCH 2020
  瑞穗股份下跌多达 12%，为 2020 年 3 月以来最大跌幅

and ending with Japan's largest bank, its JPMorgan, if you will, which just plunged the most on record!
并以日本最大的银行结束，即摩根大通，如果你愿意的话，它刚刚创下了历史上最大的跌幅！

• *MUFG SHARES FALL AS MUCH AS 21%, RECORD INTRADAY DECLINE
  *三菱 UFJ 金融集团股价下跌高达 21%，创下盘中最大跌幅

It's not just Japan: Korea is getting swept in as well...
不仅仅是日本：韩国也正在被卷入其中……

• *KOSPI INDEX SLUMPS, TAKING LOSSES FROM JULY PEAK TO 10%
  *KOSPI 指数暴跌，从 7 月高峰下跌 10%*

... and of course, the US, where Nasdaq futures crashing as much as 2% and the S&P is down 1.1%
... 当然还有美国，纳斯达克期货下跌了多达 2%，标准普尔指数下跌 1.1%

• *NASDAQ 100 FUTURES DROP AS MUCH AS 2%
  *纳斯达克 100 期货下跌最多 2%

And then there's bitcoin which, well, lets not even go there.
然后还有比特币，嗯，我们就不谈这个了。

So strap in folks, the day is just getting started...
所以大家准备好，今天才刚刚开始……