BOJ's Kuroda: We did not expand the yields band with today's decision

Uhm, hello?

• BOJ simply clarified its view on the yields band
• Some yield fluctuations are positive for market function
• Does not intend to reduce ETF purchases or exit from stimulus policy
• ETF purchases are not undermining stock market function
• If we deepen negative rates, we will tweak interest based on the new scheme

I know he does not want the BOJ to come off as being hawkish but c'mon, we're not kids.

As much as this is the first time the BOJ actually introduced the commitment to the yields target band in their policy statement, it goes without saying that they have been guiding the market with a +/- 0.20% band prior to today's +/- 0.25% band. Sheesh.

As for his comments on ETF purchases, that might offer some reprieve for the Nikkei and Japanese stocks in general. They may not be around as often moving forward but one can bet that they will be there to buy the dips on any major drop.