BoJ maintains monetary policy as expected with rates kept at -0.1% and YCC maintained to target 10yr JGBs at 0% with a +/-50bps band, while it makes no change to forward guidance
Says:
- Decision on YCC made by unanimous vote.
- Will patiently continue monetary easing.
- Japan's economy is recovering moderately.
- Inflation expectations show renewed signs of accelerating.
- Must watch financial and forex market moves and impact on Japan's economic activity and prices.
Reaction details (04:08)
- USD/JPY immediately rose to 28 pips to 148.03 from 147.75.
Analysis details (04:08)
- The BoJ kept policy settings unchanged, as expected, with rates held at -0.10% and the parameters of QQE with YCC left unchanged to target 10yr JGB yields at 0% with a +/-50bps target band, while it also maintained its forward guidance and stated that it will patiently continue monetary easing. The statement from the BoJ provided very little in the way of new information and refrained from any hawkish surprises which puts the emphasis on Governor Ueda's press conference.
22 Sep 2023 - 03:52- Fixed IncomeImportant- Source: Newswires
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