BOJ maintains its monetary policy settings in July, as widely expected


At its July monetary policy review meeting concluding on Wednesday, the Bank of Japan (BOJ) board members decided to keep rates unchanged at -10bps while maintaining a 10yr JGB yield target at 0.00%.

Statement summary

Will take additional easing steps without hesitation as needed, with eye on impact of pandemic on economy.

Keeps forward guidance on rates unchanged, says it expects short-, long-term policy rates to remain at current or lower levels.

Japan's economy likely to improve gradually from latter half of this year.

Pace of any japan economic recovery will be moderate.

Japan's economy will further improve once impact of pandemic subsides globally.

Inflation likely to gradually accelerate as impact of oil price falls fades.

Outlook for Japan’s economy, prices extremely uncertain as they could change depending on pandemic fallout.

Market reaction

The Japanese yen shrugs-off the BOJ’s status-quo, as USD/JPY continues to keep its range around 107.25 amid a better market mood.

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