The BoJ’s exit policy and balance sheet risks

Meticulous sequencing of events needed to ensure sustainability


The Bank of Japan (BoJ) has been struggling with sluggish underlying inflation (consumer price index, CPI, excluding food and energy). Even though inflation is likely to reach around 1% towarsd the fourth quarter of 2017, the distance from the 2% price stability target will remain large. Since the current monetary policy framework remains ambiguous and unsustainable, it is likely that the BoJ will need to make its unconventional monetary easing framework more sustainable before underlying

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