Last July the head of the BOJ's research department, Kunio Okina, tried to sneak the issue in the back door by suggesting the BOJ conduct open-market operations using foreign reserves, as opposed to domestic bonds.
That is basically the same thing as unsterilized intervention. The suggestion was flatly rejected at the highest levels of authority in the BOJ.
If Kuroda is right, someone owes Okina an apology.



