Expectations are running high as the Bank of Japan (BOJ) meets for the first time under its new head Haruhiko Kuroda on Wednesday, with investors hoping Kuroda will take a page out of U.S. Federal Reserve Chairman's book.
Analysts have drawn parallels between the freshly appointed BOJ governor and Ben Bernanke, known for his aggressive asset purchases launched via three rounds of quantitative easing (QE) starting end 2008.
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A Bernanke-style approach would mark a sharp turning point in the historical behavior of Japan's central bank, which has been criticized for its more conservative monetary policies.
"There is no question that Kuroda is taking a page out of the Bernanke text book," said Jesper Koll, head of Japanese equity research at JPMorgan Securities.
"This is most obvious in terms of the maturity of bonds that the BOJ looks set to buy. In the past, Japan has typically bought bonds with a four year maturity, compared to the U.S. average of seven years. Most experts see Japan extending maturities to the 7-year level. By purchasing deeper into the curve, it will be able to keep rates low at both ends," he added.
On Tuesday Kuroda told a parliamentary budget committee he would take "bold measures in terms of quantity and quality" to hit its 2 percent inflation target in two year's time, Reuters reported. This is a tough ask, say some experts, given that the economy is mired in deflation.
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"Kuroda is bringing an animal spirit and showing a commitment that has not been seen before in Japan. He brings a determination that the BOJ has a role to play in promoting wealth and prosperity," added Koll.
Since Prime Minister Shinzo Abe first pledged to turnaround the nation's flagging economy in November, the Nikkei 225 has risen about 34 percent and the yen has fallen around 15 percent against the dollar.
Investors are now eager to see whether the central bank will follow up the Abe talk with bold monetary policy action.
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Many analysts are hopeful. Measures economists expect Kuroda to unveil on Thursday, when the BOJ concludes its meeting, include boosting asset purchases, buying longer-dated government bonds and possibly committing to the open-ended purchase of assets immediately.
The tactics strike a similar tone to the work of Bernanke - who has worked to keep benchmark interest rates close to zero since 2009, said analysts.