6th Apr - Special: Bank of Japan

This is just a collection of all the links on the Bank of Japan's move that I've posted earlier - for your convenience.

Previously on MoreLiver?s:

Bank of Japan scraps overnight call rate, sets base money as new target ? Reuters

The BoJ decided on a radical overhaul of its policy framework on Thursday, shifting its target when setting monetary policy to base money from the current overnight call rate.

Bank of Japan Boosts Bond Purchases as Kuroda Takes Helm ? BB

With Kuroda presiding over his first meeting since taking the helm last month, the board today streamlined its asset purchase programs, temporarily suspended a cap on some bond holdings and dropped a limit on debt maturities. The BOJ will buy 7 trillion yen ($74 billion) of bonds a month, the central bank said in a statement.

This sort of initial euphoria has fizzled out before ? but the new Bank of Japan governors appear to have actually come through with the goods

Bank of Japan Launches Easing Campaign ? WSJ Bank of Japan Launches Strong Easing Campaign ? WSJ BoJ Unveils 'Shock-And-Awe' Quantitative-Qualitative Easing ? ZH Yen Falls Versus Peers as BOJ Purchases Exceed Forecasts ? BB Koo: Currency Markets Are Misinterpreting the Impact of QE ? PragCap

The new Bank of Japan (BoJ) governor Haruhiko Kuroda definitely left his mark in connection with today?s monetary meeting, at which BoJ announced easing measures that far exceeded market expectations. The main messages from the meeting are BoJ?s strong commitment to its 2% inflation target and that aggressive monetary easing will be continued next year. This suggests that JPY will continue to depreciate.

Kuroda's "Shock And Awe" Post-Mortem From Goldman And SocGen ? ZH

Stephen King: So far, so good. The commitment is most definitely there and the ambition has now been well-defined. Yet Japan is not yet out of deflationary trouble and, even in the event of the monetary equivalent of the Great Escape, it might still all end in disappointment.

Bank of Japan Getting Better at Playing With Markets ? WSJ

For those who need a rundown of what the BoJ actually did, here?s a summary from Nomura:

Make no mistake, the Bank of Japan just pulled out all the stops to boost its flailing economy.

Japan stimulus sends euro zone yields to record lows

With the announcement by Haruhiko Kuroda, the Bank of Japan?s new governor, of the doubling of the monetary base within the next two years at most, the Japanese authorities committed to do ?whatever it takes? to achieve their newly assigned objective ? an inflation rate of 2 per cent. Two questions should be raised. First, why such a drastic step up in monetary expansion? Second, will it work?

Generate inflation and consumers will start spending, business confidence will improve and growth will resume. This will reduce the government's annual deficit and reduce the real value of the debt over time. Problem solved. But what about investors?

Abenomics Takes Off: Can Japan Un-Doom Itself? ? The Atlantic

14 years later, Japan is finally taking Ben Bernanke's advice

Joseph E. Stiglitz: Japanese Prime Minister Shinzo Abe is doing what many economists have been calling for in the US and Europe: a comprehensive program entailing monetary, fiscal, and structural policies. As many Japanese rightly sense, Abenomics, with its focus on monetary, fiscal, and structural policies, can only help the country?s recovery.

Abenomics is the only way to stop Japan's debt compound crisis ? The Telegraph

Those who say Japan has been muddling through just fine in permanent deflation with an overvalued yen are indeed "macro-tourists". No nation can allow itself to atrophy in this way. The surprise is that it took Japan so long to wake up.

Source: http://morelivers.blogspot.com/2013/04/6th-apr-special-bank-of-japan.html

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