The Financial Times (gated, try a news search on the headline) is not impressed with the BOJ, either.
- Nothing will change until next year
- The BoJ plans to do less, not more. Asset purchases next year will run at Y800bn ($9bn) a month after netting off maturing bills, against Nomura’s estimate of Y3tn a month this year.
- The BoJ expects zero 2015 net purchases.
- No mention of overseas buying to weaken the yen, either.
- No wonder the markets were unimpressed.
- The question for investors is whether the next BoJ governor, due in April, will do more to boost inflation and weaken the yen. If he acts, perhaps he could truly usher in a new era.