The Bank of Japan (BOJ) has studied that if the short-term interest rates are slashed further then it will reduce profits at financial institutions by several hundred billion yen, the Japanese daily ‘The Mainichi’ reported citing sources with knowledge of the matter.
BoJ tweaks yield and ETF targets
Bank of Japan last movements on coronavirus countering
The Bank of Japan’s (BOJ) current monetary policy is much appreciated, as it pulled Japan out of a state of deflation, the central bank’s new board member said in a statement on Thursday.
Strengthening Japan’s growth potential is very important but BOJ’s basic stance is to support such moves with accommodative monetary policy, said Kuroda in his scheduled speech on Tuesday.
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March BOJ meeting review
The Bank of Japan (BOJ) kept its key policy rate unadjusted at the conclusion of its two-day March monetary policy review meeting on Friday. The central bank left the key rate steady at -10bps while maintaining its pledge to buy J-REITS at an annual pace of up to JPY180 bln.
Following are the key findings from the Bank of Japan‘s (BOJ) examination of the monetary policy, which was released along with the policy statement this Friday.
USD/JPY picks up bids following BOJ decision but struggles to keep the upside. BOJ removes the reference to 6 trillion yen annual ETF buying target while keeping rates unchanged.
What is the BOJ?
The Bank of Japan (BoJ) is the central bank of Japan. It is a juridical person established based on the Bank of Japan Act (hereafter the Act), and is not a government agency or a private corporation.
POLICY BOARD. The Policy Board is established as the Bank's highest decision-making body. The Board determines the guideline for currency and monetary control, sets the basic principles for carrying out the Bank's operations, and oversees the fulfillment of the duties of the Bank's officers, excluding Auditors and Counsellors.
HISTORY. The Bank of Japan was established under the Bank of Japan Act (promulgated in June 1882) and began operating on October 10, 1882, as the nation's central bank. The Bank was reorganized on May 1, 1942 in conformity with the Bank of Japan Act (hereafter the Act of 1942), promulgated in February 1942. The Act of 1942 strongly reflected the wartime situation: for example, Article 1 stated the objectives of the Bank as "the regulation of the currency, control and facilitation of credit and finance, and the maintenance and fostering of the credit system, pursuant to national policy, in order that the general economic activities of the nation might adequately be enhanced." The Act of 1942 was amended several times after World War II. Such amendments included the establishment of the Policy Board as the Bank's highest decision-making body in June 1949. The Act of 1942 was revised completely in June 1997 under the two principles of "independence" and "transparency." The revised act (the Act) came into effect on April 1, 1998.
Who is BOJ's president?
Haruhiko Kuroda was born in Omuta, in 1944. He is the 31st and current Governor of the Bank of Japan (BOJ). He was formerly the President of the Asian Development Bank from 1 February 2005 to 18 March 2013.
Kuroda has been an advocate of looser monetary policy in Japan. His February 2013 nomination by the incoming government of the Prime Minister Shinzō Abe had been expected. Also nominated at the same time were Kikuo Iwata – "a harsh critic of past BOJ policies" – and Hiroshi Nakaso, a senior BOJ official in charge of international affairs, as Kuroda's two deputies. The former governor, Masaaki Shirakawa, left in March 2013
Kuroda on his Wikipedia's profile
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the world interest rates table
The World Interest Rates Table reflects the current interest rates of the main countries around the world, set by their respective Central Banks. Rates typically reflect the health of individual economies, as in a perfect scenario, Central Banks tend to rise rates when the economy is growing and therefore instigate inflation.