At its March monetary policy meeting, the Bank of Japan (BoJ) board members decided to leave their monetary policy settings unchanged, maintaining rates at -10bps and 10yr JGB yield target unchanged at 0.00%.
Summary of the statement
No change to yield band.
No change to forward guidance on interest rates.
BoJ maintains band around its 10-year JGB yield target at up and down 0.5% each.
BoJ made decision on YCC by unanimous vote.
Market reaction
USD/JPY storms through the 136.00 level on BoJ’s inaction. The pair is currently trading at 136.72, up 0.44% on the day.
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