FXStreet reports that the RBNZ officially announced its entry into the QE realm this morning, indicating it will begin large scale asset purchases of New Zealand Government Bonds, economists at TD Securities inform.

"The RBNZ indicated it intends to purchase up to NZ$30b in NZGBs over the following 12 months. This was in line with our original estimates."

"To achieve maximum impact, the RBNZ should not hesitate to go hard early on with its purchases."

"The Bank has indicated that if further stimulus was needed, it would consider increasing the size of the bond buying program."