Bank of Japan (BOJ) Governor H. Kuroda is back on the wires now, via Reuters, noting that he doesn’t see the need to cut interest rates further, at the moment. Additional quotes: “But there is still room to cut rates further if needed.” “BOJ will not hesitate to ease further if needed.” “BOJ would purchase any amount of JGBs for yield curve control.” “BOJ has many tools, measures to deploy if needed.” “Does not think that price target will be met soon.” “BOJ may have to continue easing in the coming years.” “Does not see Japanese economy falling back into deflation.” “Financial system remains stable.” Meanwhile, Japanese Economy Minister Y. Nishimura said that they will seek expert opinion on lifting the state of emergency in Tokyo and Osaka on May 21.
BoJ emergency moves on coronavirus crisis
Bank of Japan latest measures
Bank of Japan's Governor Kuroda said on Thursday that the central bank is closely watching the impact of the coronavirus pandemic on the economy and will not hesitate to provide additional easing if required.
A senior BoJ official said on Tuesday, “we don't have any preset idea now on how long BOJ will keep buying exchange traded funds (ETFs) at 12-trln-yen per year pace.”
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May BOJ meeting review
BoJ maintains short-term interest rate target at -0.1%. Key notes: "Maintains 10-year JGB yield target around 0%. Keeps monetary policy steady. Decides on details of new loan scheme aimed at boosting lending to small, mid-sized firms hit by coronavirus pandemic. Will set aside 75 trln yen for new loan programme to combat coronavirus impact."
The Bank of Japan (BOJ) is out with a statement following the announcement of launching a new lending facility at its emergency meeting held on Friday. Key headlines: “Will extend term of loans for lending scheme aimed at combating virus fallout to 6 months from 3 months.“
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.