Why Global Markets are Addicted to the Bank of Japan

Inflation is rampant globally, and the world’s major central banks are all taking decisive measures to tighten policy in their respective ways, with the exception of one major developed market central bank: the Bank of Japan. Weston Nakamura is based in Tokyo, Japan and has been monitoring, analyzing and trading the BOJ throughout Governor Kuroda’s controversial tenure, and explains how the Bank of Japan’s Yield Curve Control policy has enabled the other major central banks and governments from making tough decisions and allowed for them to keep monetary and fiscal policy loose by “exporting low yields.” Weston also warns of a major potential inflection point ahead, as global central banks retreat from policy accommodation, leaving the BOJ the sole source of policy continuity in the QE-era.

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