, Columnist
Japan and Europe Start the Central Bank Reset
Yes, the global economy really is improving. And yes, officials are going to respond accordingly.
Haruhiko Kuroda of the Bank of Japan.
Photographer: Kiyoshi Ota/BloombergThis is going to be an exciting year for monetary policy. In fact, it already is, thanks to Europe and Japan.
Investors were taken aback last week when the Bank of Japan bought fewer bonds and the European Central Bank revealed -- shock, horror -- its language would have to evolve with the euro region's economy. Both developments, and the reaction, were welcome. They say a lot about the strength of global growth and how it still surprises many people.