The main components of policy:

  • short-term interest rate target at -0.1%
  • 10-year bond yields target around 0%


  • Japan's economy picking as a trend
  • global markets showing unstable moves in wake of Russia's invasion in Ukraine
  • exports, output increasing as a trend, though getting affected by supply constraints
  • pick-up in consumption moderating
  • inflation expectations heightening gradually
  • trend inflationary pressure likely to heighten ahead
  • there is very high uncertainty on how Ukraine developments affect japan's economy, prices via markets, raw material prices, overseas economies


Background to this:

Here is what’s on the economic calendar in Asia today - Bank of Japan policy meeting day

Bank of Japan monetary policy decision due today - preview

Still to come:

Bank of Japan Governor Kuroda's press conference follows at 0630 GMT.

kuroda meme 2