An advisory report is doing the rounds that talks about the likelihood of the BOJ making an agreement with the government on a new inflation target. I haven’t seen it but the problem is that it will be difficult to make wholesale changes until Shirakawa’s term ends in April.
Japanese exporters are surely ecstatic about the recent yen gains but as long as USD/JPY doesn’t drop below 83.00, I don’t see any urgency from the government to make headlines before April.