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BOJ will continue monetary easing for long period of time via YCC, which had been made more sustainable, effective with march policy review.

Personally, I feel Japan could have done better on structural reforms.

Govt successfully deployed flexible fiscal spending, which played key role in supporting Japan’s economy.

There is market talk higher US growth and rising US yields would push up US dollar vs. yen but that’s hard to say as fx market moves on various factors.

BOJ’s policy review has allowed it to respond nimbly to risks as needed, such as by ramping up ETF buying, deepening negative rates.

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