Bank of Japan Summary of Opinions from its June 2020 meeting.
Headlines via Reuters
- Japan's economy under pressure from virus fallout but showing some signs of bottoming out
- prolonged negative impact from pandemic on global growth, japan economy, looks unavoidable
- delay in economic recovery could destabilise markets, potentially hurt financial system
- hard to project inflation approaching boj's 2% target in foreseeable future
- if slump in consumer inflation is prolonged, it could affect inflation expectations
- must guard against risk of japan returning to deflation as pandemic hitting broad sectors of economy
- BOJ's current monetary easing framework is flexible one that can respond to various changes in economic developments
- BOJ has laid out sufficient schemes to respond to pandemic fallout, it can carefully examine the effects for time being
- must respond quickly if need arises to take additional policy measures
- must respond quickly if need arises to take additional policy measures
- must use all available tools boldly under current policy framework to protect businesses, jobs, market stability
We just had some data out of Japan also, this:
None of this is likely to move yen too much. Yen had a solid rise overnight. There is discussion about that it was related to the Softbank sale of TMobile shares. Be wary of this explanation, the news of the sale has been in markets for weeks and deals such as this are hedged ahead of time, mostly. No one is going to get a bonus if they say "OK, let's make sure we tell everyone in the market we've sold the shares and now we need to sell a few billion USD/JPY".
