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The Bank of Japan is preparing for a significant change in monetary policy, but analysts believe more action is needed to impact the $3 trillion of yen Japanese investors have in global bond markets and yen trades. The BOJ's policy shifts are not expected to heavily influence the JPY or global market movements, with focus likely to be on the actions of the Fed and Treasury instead.
As to how the BOJ move affects global markets, first, I'll toss in my earlier thread. The BOJ move is effectively a Nothing🍔. Ot at least it felt like it, moving from NIRP through ZIRP to VLIRP in one shot with minimal FX, rates, equity/bank vol. https://t.co/GNhxv0TtMU
BoJ policy shifts unlikely to be a meaningful driver of the JPY or a catalyst for global market moves any time soon. What happens with the Fed/Treasury will matter a lot more to JPY & Nikkei than the BoJ b/c there is no urgency to tighten much: https://t.co/gll8sVUCy3
The BOJ won't sway Japan's trillions of investment abroad - Reuters https://t.co/LbHnjl1Tc4
