Front Matter Page
Asia and Pacific Department
Authorized for distribution by Kenneth Kang
Contents
I. Introduction
II. Rewriting the Rules: The BoJ’s Unconventional Measures
III. The BoJ’s Exit Strategy
A. Exit from Liquidity Operations and JGB Purchases
B. Exit from the Policy Duration Commitment: Raising Interest Rates
C. Exit from Unconventional Asset Purchases
D. Communication Strategy after the Exit: A New Monetary Framework
IV. How Successful Was Japan’s Exit?
V. Potential Implications for the Current Exit
References