Gearoid Reidy & Daniel Moss, Columnists

Master of Surprise Kuroda Does It One More Time

An unexpected policy tweak stunned markets. Expect central banking’s biggest outlier to keep confounding investors.

The last laugh?

Photographer: Yuya Yamamoto/Jiji Press
Lock
This article is for subscribers only.

He couldn’t resist one last surprise.

Bank of Japan Governor Haruhiko Kuroda has made his reputation from catching the market off-guard. From his initial “bazookas” of far greater-than-expected monetary easing when he began his term in 2013, to implementing negative rates in 2016 just a week after strenuous denials he was considering anything of the sort, the veteran of central banking knows better than anyone how to pull the rug out from an oblivious market.