Cilj je jasan:
The Bank will continue with the quantitative and qualitative monetary easing, aiming to achieve the price stability target of 2 percent, as long as it is necessary for maintaining that target in a stable manner.
These effects will support the positive movements that have started to appear in economic activity and financial markets, contribute to a further pick-up in inflation expectations that appear to have risen, and lead Japan’s economy to overcome deflation that has lasted for nearly 15 years.
I Scott Sumner komentira odluku BoJ-a (na dnu), evo meni najzanimljiviji dio
This has certainly helped, but Japan is in so deep that they need to do more. The Wicksellian real equilibrium rate in Japan is now so low that even with 2% inflation it’s quite likely that nominal rates will stay at zero.
The economics profession has been slow to realize that we are in a new world of low nominal interest rates. And I’m afraid that my fellow right-of-center economists have been among the slowest to understand this.
UPDATE 2: Evo i reakcije tržišta (Nikkei i Yen/USD)