Abe’s aide Nakahara: BOJ’s yield control - a disappointing move away from monetary-base expansion

Japanese PM Abe’s aide and former BOJ board member Nobuyuki Nakahara was on the wires earlier on the day, via Bloomberg, commenting on the BOJ’s monetary policy program.

Key Quotes:

“BOJ's switch to yield-curve targeting compounds its earlier error of adopting negative interest rates”

“A disappointing move away from monetary-base expansion”

“The decision to conduct a comprehensive review of monetary policy had invited defeat on reflationist efforts and would raise questions about Abenomics as a whole”

“BOJ yield curve control and negative rates are mistakes”

“Bank of Japan Governor Kuroda has ruined his chance of a 2nd term”