Bank of Japan leaves its policy settings unchanged, as expected

Author: Eamonn Sheridan | Category: Central Banks

Bank of Japan statement out now following the monetary policy meeting

Its main policy planks are unchanged:
  • 10 year JGB target yield around 0%
  • short term rate target remains -0.1% 

  • releases details of its scheme for combating climate change
  • made decision on yield curve control by 8-1 vote,board member Kataoka dissented on yield curve control decision
  • Says Japan's economy remains in a severe state but picking up as a trend
  • cuts assessment on output
  • cuts assessment on exports
  • says Japan's economy likely to recover as impact of pandemic gradually subsides
  •  export, output continue to rise though temporarily affected by supply constraints
  • overseas economy recovering as a whole
  • capex picking up although some sectors seeing weaknesses
  • consumption continues to stagnate

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