The Bank of Japan has launched an unprecedented new kind of monetary easing as it set a cap on 10-year bond yields and vowed to overshoot its 2 per cent inflation target on purpose.
Its decision demonstrates that even eight years after the global financial crisis, central bankers are still willing to experiment with new monetary policy tools, as they struggle to escape from low inflation around the world.
The move marks another effort by Haruhiko Kuroda, BoJ governor, to surprise market expectations by doubling down on easy policy in order to signal his determination for Japan to escape its decades of on-and-off deflation.
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