Credit Agricole on USD/JPY
When the BoJ started Quantitative and Qualitative Easing (QQE), the Governor, Haruhiko Kuroda, said that the BoJ would achieve its 2% inflation target by doubling the size of its balance sheet. Currently the BoJ has nearly tripled its balance sheet, however YoY CPI inflation is at -0.4% (where it was when QQE started) after having briefly reached 2% excluding the impact of the VAT increase.
