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BoJ
(Bank of Japan)
The BoJ (Bank of Japan) is Japan's central bank, established in 1882. Known for ultra-loose policies since the 1990s, it pioneered yield curve control and massive asset purchases (owning over 50% of Japanese ETFs).
The BoJ has kept rates near zero since 1999, with brief exceptions. Its balance sheet exceeds Japan's GDP (¥744 trillion in 2023) after decades fighting deflation. Unique policies include negative interest rates (-0.1% since 2016) and targeting 10-year bond yields at 0% ± 0.5%. The BoJ's aggressive monetary easing contrasts with the Fed's tighter stance, creating persistent FX rate pressures (yen weakness).
The BoJ has kept rates near zero since 1999, with brief exceptions. Its balance sheet exceeds Japan's GDP (¥744 trillion in 2023) after decades fighting deflation. Unique policies include negative interest rates (-0.1% since 2016) and targeting 10-year bond yields at 0% ± 0.5%. The BoJ's aggressive monetary easing contrasts with the Fed's tighter stance, creating persistent FX rate pressures (yen weakness).