I think what you really have to focus on – I think people are focused on the dollar/yen too myopically. You have to think
about where Japan has lost its trade competitiveness. It's lost it to Korea.
And, I think the next thing you are going to see Japan talk about is buying foreign bonds, and I think they need to set the architecture up at the MoF and the BoJ to allow themselves to do so. If and when they do that, you're going to see an implicit trade war started by their purchasing of foreign bonds.
So, I think that is sort of the next step out of the BoJ. But don't be myopic about dollar/yen. You have to think about where
their trade competitiveness really is lost."