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BOJ Positions for Post-Kuroda Era With Policy Set for Long Haul
Japan’s central bank has effectively positioned itself for an era of monetary stimulus that extends beyond the radical tenure of Governor Haruhiko Kuroda. The Bank of Japan board on Wednesday ditched what had been lodestones for Kuroda since he took the helm in 2013 -- a two-year time frame for achieving 2 percent inflation, and a money-expansion strategy at the core of stimulus policy. With its new yield-curve targeting approach, the BOJ is set up for the long haul, and has minimized the sustainability risk surrounding the previous, massive 80 trillion yen ($791 billion) fixed annual bond-buying target. It’s a ... (full story)