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• There are limits to what BOJ can do in the sense it cannot underwrite debt due to legal constraints
• Don't share view that monetary policy is reaching its limits
• Even within current framework there is ample room for further easing
• First issue to analyze is what factors have hampered achievement of price target
• What we should bear in mind when conducting monetary policy is not its limit but comparison between its benefits and costs
• Negative

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Tags: fundamental analysis, kuroda, technical analysis, usdjpy

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