Yoshihide Suga has been confirmed as Japan’s new Prime Minister by Parliament. The BOJ is expected to keep its monetary policy unchanged, may review outlooks. USD/JPY bearish strength is likely to prevail after central banks’ announcements.
BoJ does everything it can in coronavirus times
Bank of Japan latest measures
Ahead of the next Bank of Japan (BOJ) monetary policy meeting scheduled for October 28 and 29, the central bank has arranged a meeting a week prior, i.e., on October 20 at 0830 GMT. The meeting is likely to be centered on the bank’s ‘market operations,’ with the following tentative topics on the agenda: Recent developments in the financial markets and the Bank's market operations. Liquidity in and functioning of JGB markets. The benchmark rate reform in Japan (Current progress made in market-wide initiatives.
The Bank of Japan (BOJ) is reportedly considering upgrading its economic assessment on expectations of a rebound in the Japanese economy after the sharp contraction in Q2, Bloomberg reported, citing people familiar with the matter.
Former Bank of Japan (BOJ) policymaker Takahide Kiuchi said that Japan is likely to slip back into deflation over the coming three years due to the coronavirus pandemic and its impact on the domestic consumption and labor market.
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September BOJ meeting review
The Bank of Japan (BOJ) board members decided to keep rates unchanged at -10bps while maintaining a 10yr JGB yield target at 0.00% after concluding its two-day September monetary policy review meeting on Thursday.
USD/JPY keeps gains above 105.00 as Bank of Japan's decision to revise the economic assessment higher is struggling to draw bids for the Japanese yen.
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.