Strategy Report

How Do You Say "Whatever It Takes" In Japanese?

23 Sep 2016

by Mathieu Savary, Chief Strategist, Developed Markets ex US & Head of Research Innovation

Without saying it, the BoJ introduced a price level target. While the announcement underwhelms in the details, its key implication is that the BoJ wrote a blank check to the government. Increased talk of cooperation between the government and the BoJ suggests more fiscal easing will materialize, which will ultimately hurt the yen. In the short term, markets will test the BoJ and the government's resolve.

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