A slight shift in the view by the BOJ
- JGBs will be purchased without limited to maintain YCC
- JGB purchases above ¥80 trillion is possible
- Prices are unlikely to meet 2% target during forecast period
- Expects monetary easing to have synergy with government's fiscal policy
Kuroda & co. have always been maintaining that the price momentum is maintained in light of all their efforts so to say that the momentum is now lost is a bit of a rare admission that things aren't going "according to plan".
In actuality, this has been the case for many years now but the central bank has always put up a facade that there is nothing to worry about.
In any case, I wouldn't say that this is a significant shift in view but it is more to reaffirm the current situation in the economy and to justify their recent easing measures.
