All those who dreamt of monetary policy normalisation in December a short while ago are now giving me dates in the spring of 2024 as the most likely ones. They have not capitulated at all. The kind of rearguard action they are pursuing is likely to continue for a while yet. Once it becomes clear that the reversal will not be happening in the spring either they will simply move on to the summer, the autumn etc, etc.

What I am trying to say is: even if this BoJ normalisation is never going to materialise it will take a while before the hope of it happening and the Yen recovery seen over the past weeks has been completely priced out.