By Robin Marshall, director, fixed income research
Financial conditions have barely eased in the eurozone and Japan...
The ECB and Bank of Japan have pursued broader-based and upgraded QE programs since the COVID-19 shock. These are variations on "conventional QE" schemes, supplementing government bond purchases with expanded purchases of corporate bonds and easing collateral requirements to include bonds that were "fallen angels" on April 7 (ECB). The BoJ has also doubled the target for its equity ETF purchases and trebled the target for corporate bond and commercial paper purchases to JPY 20 trillion.
The ECB's