3 Reasons The Bank Of Japan Disappointed Investors Today

The big story of the day: Late Monday night (US time), the Bank of Japan announced a new 2% inflation target, and an unlimited bond purchase plan.

But markets have mostly been disappointed.

We already gave you the explanation from SocGen's Kit Juckes.

Here's Nomura's Shuichi Obata on the same:

Although the introduction of an inflation target was in line with market expectations, the markets are likely to have been disappointed by the details of the open-ended asset purchasing program, namely that: (1) it only starts in 2014; (2) monthly purchases will be offset by redemptions, such that net growth in the asset purchasing program is likely to be only around ¥10trn by end-2014; and (3) the BOJ does not envision any net growth in the size of the asset purchasing program from 2015.