Jens Peter Sørensen, chief analyst at Danske Bank, notes that there was no change from the Bank of Japan this morning as its QQE was maintained with yield curve control and its forward guidance was unchanged at the meeting which ended this morning in a 7-2 vote.
“It was one of the small meetings, so no new projections were given for growth and inflation. The BoJ changed its assessment of Japan's economy somewhat. It now recognises that “exports and production have been affected by the slowdown in overseas economies”. It kept the sentence that “Japan's economy is expanding moderately” unchanged, though, which highlights that the BoJ expects the global slowdown to be temporary and the recent weak Japanese export figures to bounce back once a trade agreement has been reached between the US and China. Hence, the BoJ is still in a wait-and-see mode.”
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