Bank of Japan monetary policy statement - no change to policy (as expected)
Bank of Japan monetary policy deciison comes out per consensus expectation, no change.
- policy rate left at -0.1%
- JGB target (10yr) remains around 0%
Also expected, the Bank has revised up its economic assessment:
- revises higher its outlook for exports and output
- says the economy is in a severe state but appears to be picking up
- capex is falling , corporate profits and sentiment is worsening
- consumption gradually picking up
- CPI is likely to hover in negative territory for the time being
- must watch whether the financial system is functioning smoothly, stability is maintained
USD/JPY is barely responding, which is not much of a surprise given the basically zero expectation of any change in policy - which has indeed been the result.
Background to this is here:
Stay tuned for Governor Kuroda's press conference at 0630GMT