NEW YORK ( TheStreet) -- Monday morning (Tokyo time), Bank of Japan announced the universally expected Japanese version of QE-ternity. They would buy JPY13 trillion worth of sovereign debt (mostly short-dated bonds) per month. Using the approximate exchange rate of 90, that's $140 billion a month, compared to the $85 billion a month in the U.S. version. That's a darn impressive number, more so when considered relative to GDP.But there's a big caveat. The beginning date for this all-out, nothing-held-back, do-or-die Kamikaze is January 2014. Huh? If the situation is so dire as to warrant such a dramatic action, why wait for a year?
QE, Japan Style
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