• There are many ways for BOJ to exit QQE
  • Raising rates in excess reserves or redemption of JGB portfolio could be among exit tools
  • Exit tools used will depend on economy, prices and markets
  • BOJ will keep stance of doing whatever it can to reach 2%
  • Premature to discuss when and how the BOJ should exit (bit pointless passing comment then isn’t it?)

The BOJ has released an article from officials Kazuo Momma and Shuji Kobayakawa