John Hardy, head of FX strategy at Saxo Bank, digests market moves following the meetings of the Bank of Japan and the Federal Open Market Committee.

He says that helicopter money is a de facto reality and an inevitable next step by the BoJ/Shinzo Abe government. The question remains only one of timing, he says.

Hardy also says time is shortening with every fresh plunge in the USDJPY and other JPY crosses like the one seen overnight after the BoJ wisely passed on doing anything at its meeting.