BoJ more aggressive than sky-high-expectation

FXstreet.com (Barcelona) - The long awaited first Bank of Japan's meeting under Haruhiko Kuroda's surveillance has been published, with the bank announcing the implementation of the following monetary policies:

- Bank of Japan will double its monetary base thru JGBs and ETFs in 2 years. The decision was unanimous

- Merger asset program with regular bond buys

- Purchases of assets extended from 3-year maturities to 7/8-years maturity

- JGBs Of all maturities open as future options for purchase

- BOJ will buy over 7 trillion yen worth of bonds each month.

- Target on bond buying would expand monetary base to the point of reaching Y270 trillion by 2014

- BOJ will increase JGB holdings at Y50T/year

- Suspension of the 'Banknote Rule' temporarily

- Introduction of 'Quantitative and Qualitative Monetary Easing'

- Decision to keep ultra-easing policy until 2% inflation is achieved sustainably approved by 8-1. BoJ member Kiuchi dissented.