BoJ: Change in policy? - BBH

Analysts at BBH suggest that there is a development that has served to keep investors off balance as the BOJ's Kuroda had seemed to convince market participants that the reduced buying of the JGBS, like this week's paring of super-long bond purchases, did not reflect a change in policy. 

Key Quotes

“Yet the Governor set the proverbial cat among the pigeons by suggesting that April 2019, the bank would begin considering an exit from its extraordinary monetary policy.  He intimated that it could begin before the 2% inflation target was reached.”

“This kicked on a door that was already open.  The dollar had been falling against the yen since peaking on Tuesday near JPY107.70.  It closed on its session lows on Wednesday and Thursday.  Kuroda's comments sent it lower still.  It is within ticks of last month's low near JPY105.55.  Important psychological support is at JPY105.”