Back in May, I wrote a post about NichiGin governor Kuroda’s running monetary policy by the equivalent of thinking three impossible things before breakfast:
“I trust that many of you are familiar with the story of Peter Pan, in which it says, ‘the moment you doubt whether you can fly, you cease forever to be able to do it,’” Bank of Japan Governor Haruhiko Kuroda said at aconference hosted by the BOJ on Thursday.
“Yes, what we need is a positive attitude and conviction,” Kuroda told an audience of academics including Barry Eichengreen and central bankers from the U.S., Singapore and France.
Well, just over two months later, we have this:
Bank Of Japan Shocks Market, Shuns Government Pressure: Leaves QE, Rates Unchanged, Questions Policy Effectiveness
which includes the line:
KURODA ORDERS ASSESSMENT OF POLICY EFFECTIVENESS NEXT MEETING
Peter Pan has stopped believing.
Look out below.