A mere tweak or a step toward normalisation?

Haruhiko Kuroda
Haruhiko Kuroda chose his words carefully at the BoJ press conference this week

The Bank of Japan (BoJ) made seemingly moderate adjustments to the monetary easing policy framework at the monetary policy meeting of 30–31 July 2018. The central bank even called the adjustments a “strengthening” of the framework, and adopted new forward guidance on policy rates.

The 10-year bond yield climbed above 0.12% the following day, but so far the BoJ has successfully avoided a sharp stock fall and a significant appreciation of the yen – suggesting that the market did not view these

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