The BOJ Is a Funny Institution

The BOJ is a funny institution, unlike the Fed in that it does like to surprise markets. It's kind of old-fashioned, if you ask me, that's what Paul Volcker used to do. And even though inflation is so far over target, and even though they'll probably boost their inflation forecast at the next meeting to just a 2%, 2.3% perhaps is what the our survey said, they don't feel in a hurry to move.