A herd of wild central banks stormed across markets overnight - following The Fed's uber-hawkish 75bps hike and dot-plot projections - sparking chaotic swings in everything from Yen to Gilts. Everyone hiked or held rates... except Turkey which cut!

Japan

BoJ kept its monetary policy unchanged, as expected, with rates at -0.10% and QQE with yield curve control maintained to target the 10yr JGB yield at around 0% through a unanimous decision.

Japanese Government and BoJ intervened in FX markets for the first time since 1998, according to the Japanese Vice Finance Minister - the government and the BoJ stepped into the market to buy JPY for USD.

Switzerland

SNB hikes its Policy Rate by 75bps to 0.5% as expected; willing to be active in FX market as necessary; further rate hikes cannot be ruled out; no CHF classification in release.

SNB Chair Jordan says SNB ready to intervene to prevent excessive weakening or strengthening of the CHF; recent appreciation has helped dampen inflation. If there were to be an excessive appreciation of the Swiss franc, we would purchase foreign currency. If the Swiss franc were to weaken, however, we would consider selling foreign currency.