Bank of Japan

Signals from the Fed, Bank of Japan and ECB

November 19, 2015

FOMC minutes from the October meeting released Wednesday afternoon showed most members inclined to hike the federal funds rate in December but also underscored an intention to normalize policy gradually thereafter and spreading doubts that the peak can lie much above 2%. A five hour 20 minute meeting of the Bank of Japan Board over […] More

Bank of Japan Fails to Change Policy

October 7, 2015

Monetary officials had not been expected to enhance quantitative stimulus at this week’s Board meeting.  Markets have instead been focused on the second October meeting on the 30th, wondering if lightning might strike twice.  Two meetings are held in April and October, the second being meant for the unveiling of a comprehensive review of economic […] More

Bank of Japan

September 15, 2015

The statement released this month by the BOJ Board after 5 hours 36 minutes of policy deliberations over two days break little new ground regarding whether policy stimulus might be augmented, as such was at end-October 2014, following next month’s full outlook review.  The assessment of exports and industrial production were downgraded, but the upbeat […] More

Bank of Japan Keeps Same Policy Stance and Economic Assessment

August 7, 2015

A statement almost identical in text the the prior one in July was released after five hours and 21 minutes of deliberations over two days by the Bank of Japan’s Policy Board.  In an assessment proclaiming the economy in continuing moderate recovery despite core inflation of around zero for now, housing construction was upgraded marginally, […] More

Bank of Japan Left Policy Settings Unchanged But Cut Growth and Inflation Forecasts

July 15, 2015

There’s been another 8-1 Board decision to continue the open-ended quantitative and qualitative monetary stimulus, buying JPY 80 trillion of long-dated JGBs per year until 2.0% core inflation is secured and deemed maintainable.  The decision was as expected.  Policy stimulus is not expected to be augmented before October, if then.  That will be the occasion […] More

Bank of Japan Recommends a More Transparent Policy Framework

June 19, 2015

The June BOJ Policy Board meeting produced no significant modifications from the previous statement.  Quantitative stimulus was last tweaked in October 2014.  The new statement after five hours 21 minutes of discussion over two days was a virtual replica of May’s and therefore dull.  The baseline forecast assumes a return to 2% core inflation in […] More

No Change in Bank of Japan Policy But Upgraded Assessment of Economy

May 22, 2015

BOJ policymakers took a step away from their easing bias by upgrading their view of Japan’s economic outlook.  The forecast for some time has predicted continuing moderate recovery, but a statement released after four hours 53 minutes of deliberations over two days by the Policy Board expressed greater confidence of the baseline scenario, and Governor […] More

Memorial Day Weekend Finds Spotlight on BOJ, China and Germany

May 22, 2015

U.S. markets will be closing early ahead of the Memorial Day Weekend. The dollar strengthened overnight by 0.8% against the euro and Aussie dollar, 0.7% relative to the Swiss franc and loonie, and 0.2% vis-a-vis the yen and sterling.  The kiwi is unchanged. West Texas Intermediate oil fell back under the $60 threshold to $59.82 […] More

Bank of Japan Left Monetary Policy Stance Unchanged and Released New Forecasts

April 30, 2015

The end-April single-day four hour board meeting released two statements.  The first release merely reaffirmed the parameters of its quantitative and qualitative stimulus, which has goals of a) expanding both the monetary base and BoJ holdings of Japanese government bonds by 80 trillion yen per year (about $670 billion) and b) lengthening the average maturity […] More

Bank of Japan Left Policy the Same

April 8, 2015

At this week’s BOJ Board meeting, the overnight interest rate target was retained at 0.0-0.1%.  Rates continue to be pinned by a program of asset purchases totaling JPY 80 trillion of JGBs per year in order to boost Japan’s monetary base at a similar pace.  The central bank’s balance sheet rose by 22.4 trillion yen […] More