The newly appointed Governor Haruhiko Kuroda has begun initiatives to end 15 years of deflation by doubling the quantity of monthly bond purchases to reach 2 percent inflation within two years.
As Kuroda presided over his first meeting since swearing in the office last month, the board today rationalized its asset purchase programs and temporarily suspended a cap on some bond holdings. The board also dropped a limit on debt maturities. The BOJ will buy 7 trillion yen ($74 billion) value of bonds each month, revealed the central bank in a statement.
Japanese stock exchange has also taken the news positively and shown some recovery following the announcement.