In its statement, the BOJ said it will purchase Japanese government bonds, or JGBs, with the aim of keeping the 10-year Japanese Government Bond rate “more or less at the current level” of about 0%.

In a special report sent out to clients on Wednesday, Deutsche Bank Strategist George Saravelos says the shift by the central bank is a sign that its “running out of policy options,” and he makes note of three observations in particular.