Bank of Japan September 2022 Monetary Policy Statement, no surprises here:

  • maintains short-term interest rate target at -0.1%
  • maintains 10-year jgb yield target around 0%
  • decides to end as scheduled pandemic-relief funding programme expiring in September
  • made decision on yield curve control by unanimous vote

The Bank has made no specific remark on the weak yen apart from generic comments (see final point below:

  • expects short- and long-term policy rates to remain at 'present or lower' levels
  • will take additional easing steps without hesitation as needed with an eye on the pandemic's impact on the economy
  • must be vigilant to financial, FX moves and their impact on Japan's economy, prices



Yesterday the Bank was aggressively into the JGB market to drive yields off recent highs.