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Kuroda does what he can (but it won’t be enough)

  • The BoJ announced a yield curve control framework and its commitment to over-achieve on its inflation target.
  • But without a fundamental shift in the macro policy mix, rates may have to stay at or below current levels for the next decade or beyond.

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BoJ: Scraping the barrel?

  • The outcome of Wednesday’s BoJ meeting is highly uncertain.
  • But those expecting a step-change in policy are set to be disappointed.

Can the BoJ reduce collateral damage?

For a man who had got used to generating reams of positive headlines in his early days as BoJ Governor, Haruhiko Kuroda’s recent meetings have fallen flat. The surprise introduction of negative rates at the start of the year received distinctly mixed reviews, while last week’s failure to do little more than announce a small increase in purchases of ETFs proved distinctly underwhelming.

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Post-Brexit Blues

The past couple of days have seen the first of the economic indicators from the post-Brexit referendum period published. And the news has been predictably depressing.

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Political Anarchy, Economic Calamity

One week on from the seismic referendum result and the only thing that’s clear is that the UK is in the midst of its deepest political crisis since at least the Second World War. And this uncertainty is having profound negative economic consequences. There are any number of reasons to now expect a much weaker growth profile and recession.

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