Little change from the Bank of Japan this month, as was widely and overwhelmingly expected

BOJ keeps monetary policy steady

  • maintains short-term interest rate target at -0.1 pct
  • maintains 10-year JGB yield target around zero pct

BOJ leaves unchanged forward guidance on rates, says will keep current extremely low rates for extended period of time

  • leaves unchanged pledge to buy JGBs in flexible manner so its holdings increase at annual pace of around 80 trln yen
  • maintains pledge that its buying of ETF, J-REIT will fluctuate to some extent depending on economic, price developments

BOJ says Japan's economy expanding moderately, keeps assessment unchanged

BOJ decision on yield curve control made by 7-2 vote, board member Kataoka dissents, Harada also

  • Board member Harada said allowing yields to move up, down to some extent was too ambiguous as guideline
  • Harada said must adopt forward guidance that would further clarify its relation with price target
  • Kataoka dissents from view that inflation will accelerate toward 2 pct
  • Kataoka says need to buy JGBs so yield for duration of 10 years or longer falls further

Those quick headlines are via Reuters

Here is the link to their full statement if you are having trouble sleeping. YW.


Wow the yen is going nuts. No, I lie, its doing basically zero. Par for the course on a trun of the mill BOJ decision.