Bank of Japan (BOJ) governor Ueda has denied that he is responsible for this month’s market crash.

According to Bloomberg, central bank decisions have become more predictable, but not in Japan. Kazuo Ueda violated one of the basic rules of monetary policy with his latest shock hike of #faiz rates. Judging by his unrepentant performance in parliament last week, he has learned few lessons from this incident — if any. The unfortunate result will be an erosion of confidence.

In several hours of testimony on Friday, the Bank of Japan governor blamed the early August market crash on concerns about the U.S. economy, particularly the July 31 interest rate hike, rather than on what happened in Japan. The problem is that this assumes that #BOJ had no effect. America is the game. The Federal Reserve is certainly first among equals, but local decisions matter too.