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Chronology of major events related to BOJ policy

TOKYO (Kyodo) -- The following is a chronology of major recent events related to the Bank of Japan's monetary policy.

    March 20, 2013 -- Haruhiko Kuroda, a former Finance Ministry official and president of the Asian Development Bank, assumes the governorship of the central bank, succeeding Masaaki Shirakawa, who had opposed aggressive monetary stimulus.

    April 4 -- The BOJ introduces "quantitative and qualitative easing" as part of the prime minister's "Abenomics" policy mix. The central bank vows to purchase massive amounts of government bonds and other assets with the aim of doubling Japan's monetary base and raising the inflation rate to 2 percent over the next two years.

    Oct. 31, 2014 -- The BOJ significantly expands its holdings of Japanese government bonds purchased from financial institutions to about 80 trillion yen a year from 50 trillion yen, further easing its monetary grip.

    April 30, 2015 -- The BOJ abandons its two-year time frame for reaching the 2 percent inflation target, expecting to reach it in the first half of the year ending March 2017.

    Jan. 29, 2016 -- The BOJ adopts a negative interest rate. It also postpones the timing for hitting the inflation target for a third time, to the first half of the year ending March 2018.

    July 29 -- The BOJ increases its exchange-traded funds purchases but financial markets react with disappointment. Facing criticism that its policy is undermining financial institutions' profits, the central bank says it will conduct a "comprehensive review" of the effects on the economy and prices.

    Sept. 21 -- In a major policy overhaul, the BOJ adopts "yield curve control," changing its objective from monetary base expansion to controlling interest rates.

    July 20, 2017 -- The BOJ postpones the timing for hitting the inflation target a sixth time, to the year ending March 2020.

    April 9, 2018 -- Kuroda begins his second five-year-term as BOJ governor.

    April 27 -- The BOJ drops its time frame for hitting the inflation target from its quarterly economic outlook report.

    July 31 -- In the first policy change in nearly two years, the BOJ decides to allow long-term interest rates to rise above the de facto ceiling to increase the sustainability of its massive stimulus program.

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