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BANK OF JAPAN UNLEASHES AGGRESSIVE MONETARY POLICY, 2% INFLATION TARGET, OPEN-ENDED ASSET PURCHASES (JPY, NKY)
The Bank of Japan’s monetary policy decision is out.
First, the Bank of Japan said it will adopt a 2 percent inflation target, which was widely expected.
Second, the BoJ announced an aggressive open-ended asset purchase plan, which will begin in January 2014. It’ll purchase 2 trillion yen worth of JGBs per month and 10 trillion yen worth of T-bills per month. This is according to Bloomberg Television.
This aggressive policy was the platform on which Shinzo Abe was re-elected to his post as Prime Minister.
Expectations for a weak yen, inflationary policy has traders around the world shorting the yen while, going long Japanese stocks.