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Did Bank Of Japan's Kuroda Just "Capitulate" Too?
06-22-2016, 12:21 AM,
#1
Did Bank Of Japan's Kuroda Just "Capitulate" Too?
Did Bank Of Japan's Kuroda Just "Capitulate" Too?

<p>First it was <a href="http://www.zerohedge.com/news/2016-06-15/steve-liesman-shocker-fed-close-capitulation-ive-ever-seen-them">The Fed's Janet Yellen</a> coming &quot;as close to capitulation on monetary policy's lack of efficacy,&quot; and now The Bank of Japan's Kuroda appears to have had an epiphany. In a stream of truth-filled consciousness unheard of for central planners, the governor admitted, among other things, that <strong><em>&quot;monetary policy doesn't always turn out as expected,&quot;</em></strong> and that &quot;many economists don't think financial markets always right,&quot; implying, of course, that he and his brethren know better. It appears that as central bank credibility collapses, so the central bankers themselves are having their own 'Greenspan'-moment when <em><strong>their life's work is finally proven entirely pointless</strong></em>.</p>
<p><strong>The results of monetary and fiscal policies don&rsquo;t always turn out as expected,</strong> Bank of Japan Governor Haruhiko Kuroda says in an interview on TV Tokyo, aired early on Wednesday.</p>
<p>Nope!</p>
<p><img height="313" src="http://www.zerohedge.com/sites/default/files/images/user3303/imageroot/2016/06/21/20160621_boj1_0.jpg" width="600" /></p>
<p>His additional comments were just as ironic:</p>
<ul>
<li><strong>FX and stock markets sometimes move too much.</strong></li>
<li>Many<strong> economists don&rsquo;t think financial makets are always right.</strong></li>
<li>Kuroda says his personality is <strong>cautiously optimistic.</strong></li>
</ul>
<p>Nope!</p>
<p><a href="http://www.zerohedge.com/sites/default/files/images/user3303/imageroot/2016/06/21/20160621_boj2.jpg"><img height="310" src="http://www.zerohedge.com/sites/default/files/images/user3303/imageroot/2016/06/21/20160621_boj2_0.jpg" width="600" /></a></p>
<p>&nbsp;</p>
<p>Given all that, now consider the following, excerpted from Kuroda&rsquo;s <a href="https://www.boj.or.jp/en/announcements/press/koen_2015/data/ko150604a.pdf">opening remarks</a> at the 2015 BOJ-IMES Conference:</p>
<blockquote><div class="quote_start"><div></div></div><div class="quote_end"><div></div></div><p><em>The issues I have raised so far are all complex, and there are no quick, definitive solutions for them. Nevertheless, I strongly believe that, at this one-and-a-half day conference, we will address the issues we currently face and find our way forward through lively discussions. <span style="text-decoration: underline;"><strong>I</strong><strong> trust that many of you are familiar with the story of Peter Pan, in which it says, &quot;the moment you doubt whether you can fly, you cease forever to be able to do it.&quot; Yes, what we need is a positive attitude and conviction.</strong></span> Indeed, each time central banks have been confronted with a wide range of problems, they have overcome the problems by conceiving new solutions.&nbsp;</em></p>
<p>&nbsp;</p>
<p><em><img height="338" src="http://www.zerohedge.com/sites/default/files/images/user92183/imageroot/2015/06/PeterPan.jpg" width="494" /></em></p>
</blockquote>
<p>* &nbsp;* &nbsp;*</p>
<p>With that, Kuroda has just confirmed that DM central banks are literally relying on a fairy tale to keep the global economy and financial system afloat.</p>
<p><a href="http://www.zerohedge.com/sites/default/files/images/user92183/imageroot/2015/06/Kuroda.jpg"><img height="293" src="http://www.zerohedge.com/sites/default/files/images/user92183/imageroot/2015/06/Kuroda.jpg" width="482" /></a></p>
<p><strong>At least he's being honest for once.</strong></p>


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