Bank of Japan gave a speech today
Headlines are here
More now, from the Q&A.
- BOJ policy is aimed at price stability target
- G20 understands BOJ's policy intentions
- No disagreement on BOJ policy at G20 meeting
- BOJ doesn't think its OK only for prices to rise
- BOJ wants inflation and a positive economic cycle
- Japan prices will rise with growth in wages
- Japan using not just monetary policy, but fiscal policy and structural reform measures to achieve sustainable economic growth
via Bloomberg and Reuters
Still not stopped (its Kuroda, he never stops):
- No crisis in global economy, fundamentals are sound
And more:
- Negative impact of next year's expected sales tax hike on Japan's economy is likely half the scale of first tax hike in 2014
- Now is time to scrutinise effect of January monetary easing step on economy
- Now is time to steadily proceed with QQE with negative rates, as impact of this policy is very big
- Desirable for forex rates to move stably reflecting economic fundamentals
- Economic fundamentals don't change so quickly, which means FX rates ought to be moving only gradually if they reflect fundamentals
These ... "Now is time to scrutinise effect of January monetary easing step on economy ... & Now is time to steadily proceed with QQE with negative rates, as impact of this policy is very big" = no further policy action coming in the next BOJ meeting I would think (like JPM says)
