BoJ hunts for interest rate time machine

Ueda’s appointment brought hopes for a bit more consistency, yet the new governor has deployed his share of sudden revelations. — Bloomberg

SURPRISES are fine in central banking provided they don’t land too frequently – and are of the right kind, preferably dovish.

The tricky part about the Bank of Japan (BoJ) is that the bombshells come often and have not been of the favourable variety.