The Bank of Japan bowed to political pressure yesterday as it pledged to buy a potentially unlimited amount of government bonds.
The Japanese central bank said it would aim to achieve an inflation rate of 2 per cent – up from its current goal of 1 per cent – “at the earliest possible time” by shifting to the limitless stimulus already embraced by the US Federal Reserve and European Central Bank.
After the bank’s current Y101tn round of asset purchases expires in January 2014, it will begin buying Y13tn ($146bn) of mostly short-term government debt each month until its inflation target is met.
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