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Nikkei's move is inducing fear in the minds of market participants that Bank of Japan's (BOJ) negative rates may not be enough to calm markets. After BOJ move, Nikkei turned out as the best performing major index, last week as future gained more than 4% last Friday.
Due to after hour rise in future market, cash market today closed in positive, almost 2%. However, since the market close, future is pointing to loss, just shy of 1%. ikkei is currently trading at 17750.
It is now more likely it might retrace back further during New York session. So, with weak economic releases from China (Caixin manufacturing PMI contracted for 11 straight months and official PMI contracting for six straight months), downside could open up and market could continue on its January turmoil.
Yen is doing relatively well in comparison, down -0.08% for the day against Dollar, trading at 121.2.
Recent research suggests, impact of unconventional monetary policy fades with each firing, as it relied more on market reactions and expectations of future. In that sense, Nikkei drop would be more scary as it would entrench belief that BOJ negative rates, not enough.
