The End Game Scenario for the Bank of Japan
For Day 2 of Bank of Japan Week, Weston Nakamura explains how the Bank of Japan, through years of radical and experimental easing policy, has cornered itself against markets - both in the near term with Yield Curve Control, as well as the longer term by being forced to support the world’s most indebted nation’s fiscal sustainability.
Weston discusses the background history of how Yield Curve Control’s trading bands were crafted, and why they are a double edged sword. Finally, Weston makes the case that aside from near-term attempts at “normalization,” ultimately, the Bank of Japan will be forced back into some form of JGB purchasing and monetary accommodation.
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