dire consequences if QQE side effects are ignored
- some see weak yen as side effect of easing
- need to think about reducing size of asset purchases
- shifting to policy targetting interest rates, rather than base money,could be future option in the long run
- QQE is not best suited for short-term fine tuning
- cutting interest paid on excess reserves at BOJ doesn't mesh with QQE programme
- cutting interest rate on excess reserves at BOJ could be future option if and when BOJ start to taper asset purchases
Comments by the BOJ member hitting the wires and more reservations about further easing
USDJPY 119.81