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RBNZ: VIEW: J.P.Morgan believe that "the prospect for new tools being deployed
in H220 is rising, with foreign asset purchases the most conspicuous given that
every other part of the unconventional policy package so far seems to have been
designed with a weaker exchange rate in mind, and that hasn't been achieved. The
framework for foreign asset purchases remains basically unwritten, and clearly
would be very different to the "traffic light" FX intervention framework used in
the past. It would be more of a principal investment, which extends the existing
monetary policy goals of the LSAP program. We think foreign asset purchases are
becoming likely some time in 2H."