Kuroda’s Gameplan

(Mar 21) Following Peter's article last December on the Bank of Japan’s ETF purchase programme, this piece assesses Governor Kuroda’s recent statements on the matter and considers the long term implications for inflation, a subject upon which he will be elaborated at the Q1 2021 Arcus Update.


  • Kuroda is trying to make Japanese monetary policy more “sustainable” by defusing criticism of  ETF1 purchases and opening up a path to a steeper curve 
  • Ruling out further purchases of Nikkei ETFs is a win for value over growth
  • BoJ policy lost traction on the real economy several years ago • But inflationary tendencies overseas would recharge Japanese reflation

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