MBS Day Ahead: Who is Haruhiko Kuroda? And Why He’s Your Friend Today

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Posted To: MBS Commentary

Perhaps you're already well aware that Haruhiko Kuroda is the head of the Bank of Japan (BOJ) , and a Ben Bernanke of sorts when it comes to bringing an aggressive, avant garde stance to Japan's monetary policy, especially with respect to crisis response and quantitative easing. Last week markets read a lot into the fact that the BOJ didn't buy as many bonds as it had in the previous buying operation. It was a reduction of $88mln (10 billion yen)–a very small amount in the big picture of central bank bond buying, but to some, a sign that Japan was thinking about shifting gears on its policy stance. Overnight, Kuroda put that speculation to rest, saying it's not time to even discuss an exit from stimulus programs with inflation still nowhere close to 2%. While the announcement…(read more)

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