UPDATE: *INDIA'S CENTRAL BANK KEEPS BENCHMARK POLICY RATE AT 7.75%, CUTS SLR TO 21.5% OF NDTL FROM 22% India's Currency and Bonds are dumping... UPDATE: Dow Futs -80 points, S&P Futs -9pts Following the 15th surprise rate cut of 2015 (Singapore, Europe, Switzerland, Denmark, Canada, India, Turkey, Egypt, Romania, Peru, Albania, Uzbekistan and Pakistan, Russia and now Australia), the Aussie Dollar has cratered to its lowest since May 2009 against the US Dollar at 0.7650 (and bond yields crashed by the most since 1997 to record lows). Aussie stocks kneejerked higher (on an extremely dovish RBA statement) but are fading (as are Chinese stocks). Perhaps even more concerningly indicative of the central banks losing control, following this morning's weak Japanese auction (or more properly expressed - BoJ monetization farce), USDJPY (under 117), Japanese stocks (down 350 points from US session highs), and JGBs (yields up 6-8bps) are all being sold. Rate cuts and dovish statement... RBA UNEXPECTEDLY CUTS RATE TO RECORD 2.25% RBA says further fall in a$ likely to be needed to balance economy And so...Aussie Dollar collapsed on the RBA surprise cut - biggest drop since June 2013 Dropping it to May 2009 lows... Aussie Bond yields plunged by the most (on a percentage basis) since 1997... Japanese stocks and USDJPY in trouble post-auction... and more worryingly the BoJ is losing control of JGBs... As Demand was very much absent: JGB 10-Year Auction Draws Lowest Bid-to-Cover Ratio in 19 Mos. Japan sold 2.191t yen ($18.69b) in 10-year govt bonds at average yield of 0.313%, up from 0.295% at prior auction on Jan. 6 Today’s sale draws bid-to-cover ratio of 2.68, lowest since July 2013, down from 3.42 at previous auction Charts: Bloomberg