Additional headlines are hitting the wires from the Bank of Japan (BOJ) Governor Haruhiko Kuroda, via Reuters, as he continues to address the post-monetary policy decision. "Negative rates don't necessarily prevent us from guiding policy flexibly." "Will continue to examine COVID-19 impact on financial system." "Economists' consensus is that coronavirus will not accelerate inflation." "Uncertainty high but don't see chance of big resurgence in coronavirus cases."
BoJ does everything it can in coronavirus times
Bank of Japan latest measures
“The uncertainty is quite high for Japan’s economic outlook,” the Bank of Japan (BOJ) Governor Haruhiko Kuroda said in his opening remarks at the post-monetary policy meeting press conference scheduled on Thursday.
The Bank of Japan (BOJ) policymaker is back on the wires now, via Reuters, noting that the central bank will decide whether to extend emergency stimulus measures by looking at developments regarding the coronavirus pandemic.
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October BOJ meeting review
The Bank of Japan (BOJ) board members left the key rates unchanged at -10bps after concluding its two-day October monetary policy review meeting on Thursday. The central bank also maintained its 10yr JGB yield target at 0.00%.
In its Quarterly Outlook Report, the Bank of Japan (BOJ) highlighted that the risks to Japan’s economic and price outlook are skewed to the downside.
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.