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"The Bank of Japan announced very strong monetary policy easing at the start of April".
Prolonged falls in prices would normally make an open-and-shut case for policy easing.
Central banks in the developed world may yet be forced into further policy easing.
The dollar rallied as the Fed offered few clues about near-term policy easing.
"What would need to be seen to be convincing is substantial further monetary policy easing.
It has been one of the most concentrated periods of monetary policy easing on record.
"But the Fed will not be able to get the classic traction with this policy easing.
"If required, we will act swiftly with further monetary policy easing.
"Despite expectations for renewed policy easing in developed economies, Asia is unlikely to be quick to follow".
"Given the scale of insurance required, a package of mutually complementary monetary policy easing measures is likely to be necessary.
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It sounds like a description of aggressive monetary-policy easing, and the reduction of half a percentage point announced on Thursday June 5th seems, at first sight, to fit that pattern.
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Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com