UBS On-Air: Paul Donovan Daily Audio 'Policy peculiarities, and a productivity “miracle”'

The Bank of Japan raised rates, as expected. The decision was not unanimous, causing a modest market reaction. The yen has weakened—yelling “house” like a grandmother in a bingo parlor does not offset fundamental market pricing. August inflation was a little lower than expected (helped by government influenced prices). The BoJ wants neutral interest rates, and another rate increase may follow.