Can’t any one here run a central bank?
If you want to surprise the markets and weaken your currency, do you take minor incremental steps and leak the details to the press in advance? Umm, no.
They need real unconventional policy, something like the alphabet soup of programs devised by the Fed during the teeth of the credit crisis.
Here’s a suggestion: RALF–real-assed lower funds…
If nothing else, show some confidence in your decision and immediately intervene as you announce the details of the program; don’t wait to see the reaction. Now any thing the BOJ does looks reactive and defensive.
