Ben Bernanke on the BOJ policy announcement: 2 main parts, but a muddled message

Previous head of the Federal Reserve Ben Bernanke wrote on the Bank of Japan's "change in policy framework, not a change in policy stance per se."

Its worth a read (I'm gunna have to do so again to understand it :-D ), but a few points:

• The most surprising, and interesting, part of the announcement was the decision to target the ten-year JGB yield
• it was puzzling that the BOJ retained its 80-trillion-yen quantity target for JGB purchases; one of these two targets is redundant.

Plenty more at the link

Eamonn reading the Bernanke post