Bank of Japan meeting over, here's the announcement
- BOJ keeps monetary policy steady, maintains 80 trln yen base money target and 0.1 pct negative interest rate
- Says vote on monetary base target was 8-1
- Says vote on negative interest rate was 7-2
- Board member Kiuchi opposed decision on monetary base target
- Kiuchi proposed 45 trln yen base target, proposal defeated by majority vote
- Says Japan's economy continues to recover moderately as a trend, keeps assessment unchanged from April
- Cuts view on CPI
- Raises view on public works investment, housing investment
- Says CPI likely to be slightly negative or about 0% for time being
- Pace of decline in public works investment has slowed
- Housing investment has resumed its pickup
Quick Headlines via Reuters
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Full text of statement
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OK, we just had, not more than a few minutes ago Japan chief cabinet secretary Suga: Sudden moves in FX markets are undesirable
- Recent forex moves rapid, speculative
- Rapid FX moves undesirable
- Will watch FX markets closely, take steps if needed
Well, how about it Suga?
USD/JPY just dropped 150 odd points ... is that not sudden?
I have been reluctant to jump on the imminent intervention bandwagon, and indeed it hasn't happened.
But ... if the Japanese administration are serious they'd better try something otherwise one-way movement will keep on going.