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Turns out BOJ won’t ruin China’s year after all
Rumors that Bank of Japan “tapering” will wreck China’s 2023 – or Asia’s trajectory more broadly – seem greatly exaggerated as the Japanese government leans toward naming a dovish central-bank head. News that deputy governor Masayoshi Amamiya is favored to replace the retiring Haruhiko Kuroda is already sending the yen lower. It belies speculation that Prime Minister Fumio Kishida would name a BOJ head to plot an exit from 20-plus years of quantitative easing (QE). It’s well understood that the next BOJ leader come April faces the near-impossible task of normalizing ultra-loose monetary policies. This ... (full story)