The Bank of Japan has made a regime shift

REUTERS/Toru Hanai To much anticipation, the Bank of Japan announced changes to its policy framework on 21 September based on its “comprehensive assessment” of its Quantitative and Qualitative Easing with a Negative Interest Rate Policy. While the outcome of the bank’s self-assessment was in line with what we had already heard from Governor Haruhiko Kuroda and Deputy Governor Hiroshi Nakaso in their recent speeches, the policy changes that the bank made were not exactly what the market was...