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BOJ Increases QE

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BOJ Increases QE

by Stephen Lendman

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QE doesn't work the way it's used.

On April 4, the Financial Times headlined "Bank of Japan follows the Fed, on steroids." Pedal-to-the-metal reflects new governor Haruhiko Kuroda's policy.

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At a news conference he said:

"This is an entirely new dimension of monetary easing, both in terms of quantity and quality."

Except for emergency late 2008 easing, its the largest ever BOJ monetary madness. It's not "short-term emergency" driven. It's a "deliberate change in philosophy."

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It abandons everything BOJ said about monetary policy before. It's high risk. The fullness of time will have final say. It may hit home like a hammer.

Plans are to double BOJ's monetary base. Kuroda wants it done in less than two years. The Fed doubled its balance sheet more slowly. Any significant rise in JGBs (Japanese government bonds) means Kuroda's strategy failed.

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