BOJ Throws In the Towel
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  • The Bank of Japan has abandoned the pretense that it can achieve its 2% inflation target in two years, or any other particular timeframe
  • In the face of pressure from private banks, it refrained from going more deeply into negative rate territory regarding bank reserves at the BOJ
  • In another so-called “new framework” it has switched its main operating target: from an increase in the monetary base to keeping 10-year bond yields at zero
  • The BOJ also issued a Comprehensive Assessment of why it failed to meet its 2% target, but there is not a lot of culpa in its mea culpa; it keeps insisting that its policy will eventually work
  • There is no talk of what is really needed: a fiscal-monetary combination

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  • Item #: 2016-09-21

BOJ Throws In the Towel

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