The ruling party’s policy chief has become the new national strategy minister and there is also a new economics minister.
The upcoming “Sayonara Deflation” bill and reshuffles like this indicate that Japan is about to get very serious about taking measures to fight deflation and if this means that the BoJ lose more independence, then so be it. We have already seen the beginnings of a spat between Brussels and Tokyo over the unilateral intervention and any further loss of independence for the BoJ could only increase the liklihood of dis-harmony.
Politicians are much more likely to ignore international opposition than central banks are, meaning that the intervention could continue for a considerable period of time.
