Felix Salmon kommenterer på det noe overraskende trekket til BOJ (utdrag):
THE Bank of Japan surprised markets on Tuesday by announcing its intention to add ¥10 trillion to its purchases of government debt in an effort to hit a newly established near-term inflation target of 1%. The Japanese economy has suffered from weak growth and deflation for years, but the immediate context of the decision was a rotten fourth-quarter output number. In the final three months of 2011, GDP shrank at a 2.3% annual pace, significantly worse than expected.
The Bank’s action is particularly interesting given the dynamics of international trade. Japan’s export performance in 2011 was a dismal one. The substantial supply-chain disruptions associated with last year’s seismic and nuclear disasters were obviously a big part of that. But the deterioration in Japan’s trade balance is about more than just a one-off catastrophe. Exports should have been mostly back on track by the end of 2011, but sales abroad nonetheless suffered—including those of automobiles, at a time when car producers from America to Britain to Europe are reporting good figures. And indeed, Japanese net trade has been moving toward a deficit for most of the past half decade, as the chart at right indicates. (Its continued, large current account surplus is do to earnings on foreign assets, but that, too, is dropping.)
Les hele (med fin graf og greier).
BOJ dokumentet er her. (pdf)