Switzerland: Industrial Production (YoY) (4Q): -2.4% vs 1.4%

The Bank of Japan started to implement last week's policy decision overnight, offering to buy JGBs through the same standardized auction procedure it has used many times before. According to Research Analyst Gareth Berry at UBS, “The size on this occasion was much larger than usual though, which raised the risk that not enough JGB holders would come forward to participate.”