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What were you doing on Friday afternoon at 4.30 pm?

I was watching Haruhiko Kuroda.

I couldn’t understand a word he was saying, but I was watching his every move and hearing every mumble.

In fact there was a lot of mumbling.

Mumble, mumble, mumble…yield curve control…mumble, mumble, mumble…yield curve control.

The words yield curve control were said in English.

And then he started giggling.

Yes, Kuroda was giggling.

I watched $/Yen and it flickered, wobbled.

Why was the mighty Kuroda giggling?

Fortunately I had a live Bloomberg blog that was following the press conference and providing an English translation.

After an FX eternity the explanation came through on the Bloomberg Blog.

A reporter had asked if the governor can say definitely if a limit to yield curve control will come in the future.

Kuroda immediately got the giggles and his typically permanent poker face broke into a huge grin.

He replied, “that’s something of a philosophical question, but its possible to keep yield curve control going even as central banks elsewhere tighten.”

There you have it.

This man has not been shaken, or even stirred in the slightest, by the radical actions of his counterparts across the world.

He remains resolute and Churchillian and will fight them on the beaches, and in the fields and in the streets.

The battle between the bond vigilantes and the Bank of Japan has been joined.

This epic battle will help shape and define the contours of the global financial landscape in the months ahead.

 In the meantime $/YEN reaches for the stars................