"Only those CBs with huge gold reserves seem to be adventurous with Q E"
I am afraid that I have to differ
1
3-11-2018 "TOKYO (Reuters) Japan’s central bank has become the first among G7 nations to own assets collectively worth more than the country’s entire economy, following a half-decade spending spree designed to accelerate weak price growth...
Central bank data released on Tuesday showed how much the BOJ has amassed over 5-1/2 years of what it calls “quantitative and qualitative” easing policy... (see graph presented bellow)
At the same time, the aggressive asset purchases in recent years now mean the BOJ owns about 45 percent of the 1 quadrillion yen Japanese government bond (JGB) market, crowding out banks and other investors.“The Bank of Japan’s policy is clearly not sustainable.
The 553.6 trillion yen ($4.87 trillion) of assets the Bank of Japan holds are ... bigger than the combined GDPs of five emerging markets -- Turkey, Argentina, South Africa, India and Indonesia."
In order to put things into perspective.BOJ gold reserves are 765 tonnes representing 3% of total reserves. Japan is the world’s 3rd largest economy and the QE champion..
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Bundesbank gold reserves are 3,364 tonnes representing 76% of total reserves. Germany is the world's 4th largest economy.
