The Bank of Japan's QE and Bond Buying Program in Japan

The real surprise wasn't that the Bank of Japan made this change but rather the timing of it. The current leadership at the BOJ wanted to oversee the start of the transition before the new governor takes over in April. And Ben you make a good point about the fact that outright inflation in Japan while high by Japanese standards is still very contained when we put it in a global context. It would be very well within the set of concealable outcomes to look for the BOG to start hiking policy rates in 2023.