BOJ headlines cause S&P algos to pop and drop

This is was the headline that the algos jumped on

*BOJ RELEASES MINUTES FROM JULY 11-12 MEETING IN TOKYO
*BOJ MEMBERS SAY THEY HAVE BEEN PURSUING POWERFUL EASING

Unfortunately, the "powerful easing" was simultaneously INCREASING its asset-purchase facility to 45 trillion yen from 40 trillion yen...while DECREASING its loan facility to 25 trillion yen from 30 trillion yen.  So in other words...they didn't do anything.  But they did talk about maybe doing something at some point in the future.

Aug. 14 (Bloomberg) -- A few Bank of Japan board members said the central bank should not dismiss any policy options in combating risks to the economy from the European sovereign debt crisis, a record of last month’s meeting showed.

Board members said the bank has been “pursuing powerful monetary easing” and would “continue to conduct monetary policy in an appropriate manner.”

The bank refrained from loosening monetary policy at the August meeting last week. It was the first gathering to include two new board members Takahide Kiuchi and Takehiro Sato, formerly Tokyo-based economists at Nomura Securities Co. and Morgan Stanley MUFG Securities Co. respectively. Sato said on July 24 that one policy option for the bank would be to buy foreign bonds.

Potential alternative measures for the bank include extending its commitment to a zero-interest rate policy and buying more long-term Japanese government bonds through its so- called rinban operation, according to Hiromichi Shirakawa, Credit Suisse Group AG’s chief Japan economist and a former central bank official.

This is nothing new, as all the BOJ does is print Yen and buy stuff anyway.  Long story short...this move is a FADE.  I'll be bidding below for some 10Y notes...because at least I know that the Fed WILL be buying 5bln 10Y notes tomorrow morning.