Central bankers have gone totally mad. The stunning news of the day?is a new pledge by Japan to double its monetary base in two years as the Bank of Japan Unveils Aggressive Easing.
The Bank of Japan will aim to double the monetary base over two years through the aggressive purchase of long-term bonds, in a dramatic shift aimed at ridding Japan of the deflation that has dogged the country for almost two decades.
Haruhiko Kuroda on Thursday announced his arrival as central bank governor with a ?new phase of monetary easing?, a move that comes after Prime Minister Shinzo Abe told the bank to target a 2 per cent rate of inflation.
?We can?t escape deflation with the incremental approach that?s been taken until now,? Mr Kuroda said after the announcement. ?We need to use every means available.?
?I am confident that all the policies we need to achieve 2 per cent inflation in around two years are now in place,? he said.
Yen PlungesAs one might expect on such a surprise announcement, the Yen had a spectacular plunge.
Draghi Signals More Easing
Bloomberg reports German Yields Fall to 8-Month Low as Draghi Signals More Easing
Source: http://townhall.com/columnists/mikeshedlock/2013/04/05/competitive-easing-madness-n1558524
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