Disappointingly, the BoJ announced its intention to buy only JPY 10 trillion worth of assets (T-bills and JGBs) throughout the whole of 2014 (net of redemptions). That's over three times slower than the current pace of asset accumulation - totally inadequate in our view given the enormity of the challenge of generating 2% inflation.
“Granted, the BoJ shifted to an "open-ended" framework for giving future APP guidance, however we do not see this as a significant development – it signals the Bank's willingness to keep easing for as long as it needs to, but the policy language already made that abundantly clear.” note Research Analysts Gareth Berry and Geoffrey Yu at UBS.
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