Bank of Japan monetary policy meeting concludes, no change to policy, but ...

REVISES UP ASSESSMENT OF JAPAN'S ECONOMY

Quick Headlines via Reuters :

  • Keeps monetary policy steady, pledges to increase monetary base at annual pace of 80 trln yen
  • Policy decision was made by 8-1 vote
  • Board member Kiuchi proposed tapering annual JGB purchases to 45 trln yen, which was turned down by majority vote
  • Kiuchi proposed keeping asset buying, zero rates for as long as needed under flexible price target, which was turned down by 8-1
  • BOJ revises up assessment of Japan's economy
  • Japan's economy continues to recover moderately
  • Revises up assessment of private consumption
  • Private consumption has been firm as a whole
  • Consumer inflation likely to hover around zero pct for time being due to energy price falls
  • Says revises up view on housing investment
  • Says housing investment bottoming out, showing signs of pickup

Full text: Statement on Monetary Policy (Announced at 11:49 a.m.) [PDF 124KB]

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The 'no change' in policy was widely expected.

The upgrade of its assessment of Japan's economy was also expected, having been canvassed in recent days. Note, the government revised its own assessment higher back in March

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Next from Bank of Japan, Governor Kuroda will hold his regular post-meeting press conference at 0630GMT