Japan institutes 'monetary regime change'

Jan 22, 2013, 7:21 AM EST
Bank of Japan Governor Masaaki Shirakawa (L) sseen with Finance Minister Taro Aso and Economics Minister Akira Amari.
REUTERS/Kim Kyung-Hoon

Japan's Prime Minister Shinzo Abe declared a "monetary regime change" as the central bank bowed to government pressure, setting a 2% inflation target aimed at helping the country emerge from its prolonged bout of deflation, and announcing plans for open-ended central bank asset purchases similar to the strategy followed by the U.S. Federal Reserve to keep market interest rates low.

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