EFTA Document EFTA01459603

12 January 2016 FX Blueprint Forever Young 60-1: The phantom menace The BoJ Is likely to be more sensitive to an appreciating yen than to other deflationary developments such as falling energy prices. This is consistent with the focus of Abenomics shifting from an unconditional inflation target to (also) a nominal growth target: a stronger yen is harmful in reaching either target, whereas falling energy prices are negative for inflation only. Luckily for the BoJ, the exchange rate is a