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Amid the normalisation efforts undertaken by many central banks worldwide over the past two to three years, the Bank of Japan has stood out as an outlier due to the continuation of massive monetary easing. In practice, however, the BoJ has been gradually altering its monetary easing policy for some time. Contrary to public perceptions, it may not be able to reverse its extraordinary policies by spring as many predict.
The BoJ has been concerned about the side effects of negative interest rates
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