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Japan: BoJ leaves interest rates unchanged
Tue, Oct 7 2008, 09:13 GMT
by Flemming J. Nielsen
The Bank of Japan (BoJ) as expected left its leading O/N target rate unchanged at 0.5% in a unanimous decision. The statement on monetary policy was broadly unchanged compared to its September statement. BoJ believes growth will remain sluggish for the time being but will eventually recover as the impact from higher commodity prices abates and the global economy moves out of its current deceleration phase. Not surprisingly, it continues to see considerable downside risk to the economy from the current financial crisis. BoJ still believes it has to be aware of upside risk inflation due to changes in inflation expectations. It also still believes that monetary policy is very accommodative and will eventually have to be tightened if the downside risk to the economy decreases substantially. However, that is certainly not the case at the moment. Hence, the main message continues to be unchanged interest rates for the foreseeable future.
Published on Tue, Oct 7 2008, 09:14 GMT
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