The Bank of Japan's Flexibility in a U-Curve Control

I think that markets will eventually come to terms with the predicament in which the Bank of Japan finds itself in, and they will attempt to retest them. I actually don't think it's necessarily bad news for equities in Japan over time this. It means that they can start printing more when the cycle rolls over. That introduces some sort of downside protection in Japanese equities that we haven't seen for years because of the pro-cyclical policy setup.