Central Banks

Ex of the Bank of Japan monetary policy board  

  • BOJ could whittle down stimulus before inflation hits 2 percent target
  • BOJ’s efforts to make its stimulus more sustainable were long overdue
  • BOJ’s prolonged easy policy has pushed forward
    timing of banking sector consolidation


  • Steps to make policy flexible long overdue – Ishida
  • Inflation target a mechanism, not goal, of monetary policy
  • BOJ won’t rush in steepening yield curve – Ishida
  • Adds Japan’s banking system prone to consolidation
  • BOJ’s credibility will be hit if it incurs losses

Of course, given he is no longer on the mon pol board his comments may not carry much weight, but I doubt what he is saying is too far from the minds of current board members 

BOJ backing off on its extremely accommodative policy might translate to a yen positive. 

But they ain’t gonna be doing too much tightening any time soon so don’t get too excited by this. 

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