Despite the much-hyped announcement of “open-ended easing” to meet a new 2% inflation target, today’s policy overhaul by the Bank of Japan disappoints in many respects. In particular, the ceiling on asset purchases in 2013 is unchanged, the additional purchases pencilled in for 2014 are timid both in size and maturity, and the statement implies that there may not be any further net purchases at all in 2015. Calling a policy “bold” does not make it so.
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