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BOJ should not wait until Kuroda is gone to change course

Yield curve control is impoverishing households and hurting business

| Japan
BOJ Gov. Haruhiko Kuroda takes a question during a news conference on Sept. 22: Market conditions have the potential to impose more pressure on the central bank.

Christopher Wood is global head of equity strategy at investment bank Jefferies and author of "The Bubble Economy: Japan's Extraordinary Speculative Boom of the '80s and the Dramatic Bust of the '90s."

An ongoing characteristic of the Tokyo stock market is the continuing failure of Japanese institutional investors to reallocate out of local fixed income securities to their own shares.

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