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The BoJ And An ‘Enormous’ Risk From A ‘Very Out-Of-Consensus’ View
Overnight, the Bank of Japan tacitly persisted in the fantasy that Haruhiko Kuroda's extraordinary (and at this point, it kinda feels like "extraordinary" is an inadequate adjective) easing measures are "very powerful", when it comes to stoking inflation.
Every, single one of these meetings is defined by the ironic juxtaposition between, on one hand, no material changes to policy (July's tweaks notwithstanding), and, on the other, begrudging admissions that these purportedly "powerful" measure
wonder the implications for Gold?
Japan is broken, slightly paradoxical how the yen can remain safe haven while the government is slowly monetizing the bond market and to a lesser extent nationalizing the broader economy.
USA is just a few decades behind Japan. We have already seen our future.
This is a one-way street. At the end BoJ will cancel the debt it has on its books.