Statement from the Bank of Japan after its June 2023 monetary policy meeting.

No change.

The BOJ made an amendment to the principal terms and conditions of the Complementary Deposit Facility

  • But adds that there is no change in the framework of the Complementary Deposit Facility and the interest scheme to promote lending

The BOJ on the economy:

  • Japan's economy picking up
  • Japan's economy likely to continue recovering moderately
  • Japan's core consumer inflation likely to slow pace of increase towards middle of current fiscal year
  • Exports, output moving sideways
  • Capex increasing moderately
  • Consumption increasing moderately
  • Inflation expectations moving sideways after heightening
  • Uncertainty regarding Japan's economy is very high

Note that the BOJ again repeats it expects the pace of inflation to slow from the middle of this Fiscal Year. This would be around September/October (Japan's Fiscal Year begins on April 1).


The impact of the announcement has been a move higher for yen crosses. What little doubt there was about BOJ policy change has been removed until the next meeting, scheduled for July 27 & 28. Nikkei 225 futures are up also.


Due later:

  • Bank of Japan Governor Ueda press conference at 0630 GMT (0230 US Eastern time)
Bank of Japan Governor Ueda 16 June 2023