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TOKYO (Reuters) - The Bank of Japan's bold monetary easing last week merely buys time for the government to implement a credible structural reform and fiscal consolidation plan, Moody's Investors Service said on Monday.
"Monetary easing on this scale is untested, and both the efficacy and the timeline for the BOJ's policies to produce the intended positive macroeconomic effect are uncertain," the rating agency said.
The Japanese central bank unleashed the world's most intense burst of monetary stimulus on Thursday, promising to inject about $1.4 trillion (912.7 billion pounds) into the economy in less than two years, a radical gamble that sent the yen reeling and bond yields to record lows.
(Reporting by Leika Kihara; Editing by Shinichi Saoshiro)