What next for the BoJ’s unprecedented ETF experiment?
Exiting the policy may prove extremely challenging, says Sayuri Shirai
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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