The Bank of Japan¡¯s big move at the end of last month was a watershed moment in recent monetary-policy history.
Its surprise rate increase positions the overnight uncollateralized call rate as the central bank¡¯s main tool for achieving its inflation target, and leaves asset purchases as a supplementary measure.
At last, the BOJ has a policy framework better aligned with those of major central banks globally.
With your current subscription plan you can comment on stories. However, before writing your first comment, please create a display name in the Profile section of your subscriber account page.