The BoJ left policy on hold by removed the time-frame to achieve CPI target following its policy review today. The central bank left short-term interest rates at -0.1% and maintained “yield curve control” that targets 10-year JGB yields at 0%. The outcome had been widely anticipated.
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April BOJ meeting review
The Bank of Japan (BoJ) concluded its 2-day monetary policy review meeting today and announced no changes to its monetary policy settings, holding rates at -10bps while maintaining the 10yr JGB yield target at 0.00%.
Japan's economy expected to continue expanding moderately. Momentum for hitting price goal sustained but lacking steam. Inflation likely to accelerate towards 2 pct as output gap improves, inflation expectations heighten.
January BOJ meeting review
The Bank of Japan's monetary policy meeting held earlier today saw the central bank leaving interest rates and its QQE purchases unchanged. The Japanese yen was seen strengthening on the back of the BoJ's meeting. Governor Kuroda is expected to hold a press conference in a few hours.
“The Bank of Japan (BOJ) decided to keep policy unchanged for the 11th consecutive meeting in January 2018. And the decision was again not unanimous with board policy member, Goshi Kataoka, the sole dissenter for the 4th time in a row”.
“It was the first time in 14 meetings including the Outlook Report that the BoJ did not revise its inflation forecast lower. We still think the BoJ is too optimistic on inflation however, and that it will have to revise its inflation forecast lower this year."
What is the BOJ?
The Bank of Japan 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.