I posted the main points from the Bank of Japan decision and its outlook here earlier: BOJ announce no change to monetary policy
Here's the quick Bloomberg recap:
- massive monetary stimulus program unchanged
- trimmed its inflation forecasts, signaling further divergence ahead from its global peers
- The BOJ is under little pressure to take additional action even though inflation is well below its 2 percent target. Japan's economy is on track for the longest expansion in 16 years, stocks are at the highest level in two decades and the labor market is the tightest in a generation.
- Prime Minister Shinzo Abe's election win this month has raised expectations that the central bank's current policy stance will continue
- "The BOJ is going to continue to sit tight for a while," Hiroshi Shiraishi, a senior economist at BNP Paribas SA, said before the decision. "From economic growth to stocks and the yen, they are all performing in favor of the BOJ."
