For one thing, the Bank of Japan is now attempting to control both prices and quantities, which is simply not feasible! On the other hand, fixing 10-year rates at 0% may require to buy whatever quantity of bonds necessary to deliver rate stability, which may mean buying more or less than its target pace of ¥ trillion per year.
Meanwhile, the current account deficit is projected to reach 2.3 percent of GDP in 2022, driven by further widening of the trade-in-goods deficit, as imports growth (10.0 percent) is seen to continue outpacing exports growth (6.0 percent). Overseas Filipino remittances growth in 2022 is expected to stabilize at 4.0 percent.