Bank of Japan

Bank of Japan Leaves Policy Unchanged, Downgrades Inflation Outlook

June 15, 2018

Following four hours six minutes of discussion on Thursday and Friday, the Bank of Japan Board voted 8-1 to maintain its policy of quantitative and qualitative monetary easing with yield curve control. The key elements of this stance are A negative 0.1% short-term policy interest rate target. A target of around zero percent on the […] More

More Trouble

June 15, 2018

President Trump has approved a 25% tariff on $50 billion of Chinese imports. The Bank of Japan gave a gloomier assessment of inflation, downgrading its range to 0.5-1.0% from around 1.0% and observing that medium-term and long-term inflation expectations aren’t escaping a deflationary mindset. Policy settings were left unchanged, and an extremely accommodative stance seemingly […] More

Bank of Japan

April 27, 2018

After a two-day discussion lasting four hours 17 minutes, members of the Bank of Japan left their settings on their QQE policy with Yield Curve Control unchanged. A -0.10% short-term Policy Rate on current account balances of financial institutions held with it. Annual purchases of JGBs totaling about 80 trillion yen. The amount has recently […] More

Plenty of News to Focus Upon

April 27, 2018

The meeting between the presidents of South Korea and North Korea agreed to end their multi-decade war and to deescalate nuclear armament. Share prices in the Pacific Rim climbed 1.3% in New Zealand, 1.0% in Hong Kong, and 0.7% in Japan, South Korea, India and Australia. British GDP growth slowed more than forecast last quarter, […] More

Bank of Japan Stays Its Course

January 23, 2018

The board of the Bank of Japan deliberated over two days for a combined four hours 35 minutes and arrived at the same decision as in December or October for that matter when the previous Outlook for Economic Activity and Prices was prepared. The vote at all three meetings was the same, 8-1, with Goushi […] More

Trump Grabs Spotlight… Japan Also in the News

January 23, 2018

President Trump is on a roll. Having secured a tax cut with benefits skewed to the rich and then trapping congressional democrats in a political snake pit over immigration, he’s turned his sight on the biggest campaign promise of all: so-called fair trade. A 30% tariff on U.S. imports of foreign-made solar equipment threatens to […] More

Firmer Yen

January 9, 2018

The Japanese yen advanced 0.4% overnight against the dollar and by even more versus main European currencies. Investors reacted after the Bank of Japan bought fewer 10-year and longer JGBs in its operations today, which kindled suspicion the quantitative stimulus may be throttled back in 2018. The Japanese Nikkei-225 share price index climbed 0.6%, but […] More

Bank of Japan Maintains Status Quo

December 21, 2017

The Bank of Japan has a stimulative monetary policy that goes by the title of “quantitative and qualitative easing(QQE) with yield control.” The unchanged settings at the final scheduled policy review of 2018 A Policy-Balance interest rate of negative 0.1% A target 10-year JGB yield of “around 1.0%” JGB purchases of roughly 80 trillion yen […] More

Tax Bill Aftermath

December 21, 2017

The most prominent market reaction to the U.S. tax overhaul has been the rise in long-term interest rates, although the U.S. 10-year Treasury yield settled back two basis points in overnight futures trading. The 10-year gilt and 10-year German bund yields rose another 2 and 1 basis points. Congress is not trying to avert a […] More

Bank of Japan Keeps Existing Policy Settings

October 31, 2017

The Bank of Japan Board released both a statement and a fresh quarterly Outlook for Economic Activity and Prices after its latest policy review, a two-day meeting that consumed a total four hours seven minutes of discussion. The Outlook is the more informative document as it provides extensive background regarding current economic conditions, the baseline […] More

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