BOJ Minutes Show Kuroda’s ‘Shock and Awe’ Approach Wasn’t for Long-Term
- ‘No way’ BOJ will carry on for years without limit, Miyao said
- Many board members had expressed some concern over bazooka
Haruhiko Kuroda
Photographer: Toru Kawata/Jiji Press/Bloomberg
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When the Bank of Japan launched the most aggressive monetary easing in modern history a decade ago, authorities were hoping the experiment would be over in about two years, given concerns over the “shock and awe” approach, according to the full minutes of the policy meetings from that era.
In the first gathering under then Governor Haruhiko Kuroda in April 2013, the central bank chief took the unusual step of focusing the course of policy discussions only on achieving a price target of 2%, according to the minutes released Monday.