Bank of Japan September 2022 Monetary Policy Statement, no surprises here:
- maintains short-term interest rate target at -0.1%
- maintains 10-year jgb yield target around 0%
- decides to end as scheduled pandemic-relief funding programme expiring in September
- made decision on yield curve control by unanimous vote
The Bank has made no specific remark on the weak yen apart from generic comments (see final point below:
- expects short- and long-term policy rates to remain at 'present or lower' levels
- will take additional easing steps without hesitation as needed with an eye on the pandemic's impact on the economy
- must be vigilant to financial, FX moves and their impact on Japan's economy, prices
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Background:
Yesterday the Bank was aggressively into the JGB market to drive yields off recent highs.
Previews:
- JPY
