Market reactions to the BOJ’s announcements have been mixed, likely because the announcements were about a change in policy framework, not a change in policy stance per se. In particular, the announced target for the ten-year JGB yield is close to its current market rate, and no significant changes were made to other parts of the BOJ’s program, including the negative interest rate on bank reserves
“Let us suppose now that one day a helicopter flies over this community and drops an additional $1,000 in bills from the sky, which is, of course, hastily collected by members of the community. Let us suppose further that everyone is convinced that this is a unique event which will never be repeated.” (Milton Friedman, “The Optimum Quantity of Money,” 1969) “The deflation speech saddled me with th
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