The central bank under the new regime of Governor Haruhiko Kuroda will purchase ¥7 trillion ($74bn) of bonds a month, along with more risk assets. Furthermore, the BoJ set a two years horizon for achieving its 2% inflation goal.
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The new policies will "lead Japan’s economy to overcome deflation that has lasted nearly 15 years," the central bank said. Only one board member, Takahide Kiuchi, voted against Governor Kuroda’s policy proposals. Japan’s Topix gained more than 2.5%, the most in eight weeks as the yen weakened. The Nikkei 225 Stock Average gained 2.2% and the yield on the country’s 10-year government bonds slumped 11.5 basis points to 0.435%, the lowest since June 2003.
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