The announcement also included a highly anticipated joint statement from the Government and BoJ in which both parties agreed to strengthen policy coordination and work together to "overcome deflation early". The joint statement also says that the BoJ will pursue monetary easing to achieve the inflation target at the "earliest possible time".
Meanwhile, according o Macro Strategy Analysts J. Reid and C. Tan at Deutsche Bank, “the government will promote measures aimed at establishing a sustainable fiscal structure and formulate measures for strengthening competitiveness such as concentrating resources on innovative research and development, and carrying out bold regulatory and institutional reforms.” As was expected, the overnight call rate was left unchanged at zero to 0.1%. Board members voted to adopt the above measures with a 7-2 majority vote.
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