Japan's Version of 'Quantitative Easing'

choi

David Jolly, Japan's Moves to Weaken the Yen Have a Global Effect; Injecting %630 billion into the country, some likely to go overseas. New York Times, Apr 9, 2013.
http://www.nytimes.com/2013/04/0 ... -to-the-dollar.html

Quote:

(a) "The dollar settled at 99.32 yen on Monday [Apr 8] in New York, a four-year high. The euro traded at 129 yen, its highest level in more than three years.

“'They’re taking a page out of the quantitative easing playbook, multiplied two and a half times what the Fed is doing,' said Michael H Strauss, chief investment strategist at Commonfund in Wilton, Conn.

(b) "While the size of the Japanese intervention is perhaps unprecedented relative to the size of the country’s economy, the Bank of Japan is in good company. The Federal Reserve, the Bank of England and the European Central Bank have all poured in liquidity and worked to hold interest rates down as the global financial sector creaks along year after year.

(c) "Julian Jessop, chief global economist at Capital Economics in London, estimated that the dollar would continue strengthening to 110 yen this year and to 120 yen next year.

My comment:
(a) There is no need to read the rest of the report. The effect on the rest of the world is speculative for now.
(b) Bank of Japan's money injection is "two and a half times what the Fed is doing." It is unclear whether Mr Strauss is talking about the absolute or relative (per capita), and one-time or cumulative size--compared to Federal reserve's action.
(c) Timeline of US Fed Quantitative Easing. CNTV (Beijing), Dec 13, 2013
http://english.cntv.cn/program/newsupdate/20121213/104606.shtml

Accord  quantitative easing
http://en.wikipedia.org/wiki/Quantitative_easing
(section 2.3 Amounts)