BOJ has also committed to stick with a 2% inflation target, which will aim to achieve it as soon as possible (Yen bearish). 2013 real GDP growth is projected at 2.3% vs 1.6% in October. The communique complements the $116bn fiscal stimulus plan to support growth in the country.
The open-ended program that the BoJ expects to conduct will provide Yen bears and the private sector a higher degree of assurance over the continuation of monetary easing in the near-term.
BOJ will be buying 2 trillion Yen in JGBs monthly starting January 2014; The vote to reach such decision stood at 7-2.