What next for the BoJ’s unprecedented ETF experiment?

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The Bank of Japan

In January 2013, the Bank of Japan, led at the time by its previous governor, Masaaki Shirakawa, introduced its 2% price stability target. In April 2013, under current governor Haruhiko Kuroda, the BoJ adopted massive and various monetary easing tools to achieve the target – so-called quantitative and qualitative monetary easing (QQE). QQE was expanded in October 2014, supplemented with a negative interest rate in January 2016, and further with yield curve control in September 2016.1 Adopting a

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