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Monetary Policy Has Turned Upside Down
Monetary policy turned upside down on Wednesday. In effect, the Bank of Japan tightened in pursuit of faster growth, while the Federal Reserve eased despite strong US job market gains. It was confusing — so confusing The Wall Street Journal described the BOJ’s policy shift as “opening the monetary spigots” — and may be best understood as indicating both the Fed and BOJ are starting to think the world, and therefore monetary policy, doesn’t work the way it used to.
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