The Bank of Japan’s Policy Board failed to impress with the additional monetary “stimulus” announced today. Any market impact from the ¥10 trillion increase in outright purchases of JGBs was offset by an extension of the period over which the buying will take place and by a reduction of ¥5 trillion in the cheap loans available to financial institutions under the Bank’s fixed-rate funds supplying operation. The wider economic impact will also be negligible.
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