I see BoJ's inflation overshoot commitment and YCC as constructive developments
Transmission mechanisms for BoJ have approached their limit
BoJ will likely to be able to control jgb yields with smaller volumes of purchases
BoJ policy, combined with fiscal stimulus, could help inflation reach 2 pct
Cannot rule out possibility BoJ will have to do more
One option is for govt to commit to fiscal spending and BoJ to commit to keeping debt/gdp ratio the same
BoJ could allow overshoot of inflation to offset rise in debt/gdp ratio