BOJ announce no change to monetary policy, as expected

Author: Eamonn Sheridan | Category: Central Banks

Bank of Japan March 14 and 15 policy meeting Statement issued now

  • maintains short-term interest rate target at -0.1 pct
  • maintains 10-year JGB yield target around zero pct
  • BOJ decision on yield curve control made by 7-2 vote, board members Harada, Kataoka dissent
  • BOJ leaves unchanged pledge to buy JGBin flexible manner so its holdings increase at annual pace of around 80 trln yen

BOJ cuts assessment on exports, output

  • tweaks assessment on Japan's economy
  • Says Japan's economy expanding moderately but exports, output affected by overseas slowdown
  • says overseas economies growing moderately but slowdown observed
  • says exports showing some weakness recently
  • says output showing some weakness but rising moderately as a trend
  • says Japan economy likely to continue expanding moderately despite impact of overseas slowdown
  • Says exports likely to remain weak for some time but remain on moderate rising trend
This decision and the surrounding downgrades were all expected by the market. 

Its likely we get dovish (more so than usual) remarks from Governor Kuroda at his press conference. This follows at 0630GMT. 

Bank of Japan March 14 and 15 policy meeting Statement, Governor Kuroda press conferences follows at 0630GMT.
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