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BOJ Statement on Monetary Policy
At the Monetary Policy Meeting held today, the Policy Board of the Bank of Japan decided upon the following. (1) Yield curve control The Bank decided, by a 8-1 majority vote, to set the following guideline for market operations for the intermeeting period. [Note 1] The short-term policy interest rate: The Bank will apply a negative interest rate of minus 0.1 percent to the Policy-Rate Balances in current accounts held by financial institutions at the Bank. The long-term interest rate: The Bank will purchase Japanese government bonds (JGBs) so that 10-year JGB yields will remain at around zero percent. With regard to ... (full story)
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BOJ keeps policy steady, newcomer to board dissents
The Bank of Japan kept monetary policy steady on Thursday and maintained its upbeat view of the economy, signalling its conviction that a solid recovery will gradually accelerate inflation towards its 2 percent target without additional stimulus. But new board member Goushi Kataoka dissented to the BOJ's decision to maintain its interest rate targets, saying current monetary policy was insufficient to push inflation up to 2 percent during fiscal 2019. In a widely expected move, the BOJ maintained the 0.1 percent interest it charges on a portion of excess reserves that financial institutions park at the central bank. ... (full story)
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BOJ Keeps Policy Unchanged; Kuroda Fails to Gain Unanimous Vote
The Bank of Japan kept its monetary stimulus unchanged Thursday, but a new board member opposed the decision in his first meeting, an unexpected sign of dissension on a board chosen entirely by Prime Minister Shinzo Abe. Still, BOJ Governor Haruhiko Kuroda and his board left its target interest rates and asset purchase program unchanged, a decision expected by all 45 economists surveyed by Bloomberg. The vote was 8-1, with Goushi Kataoka objecting. Opposing board members haven’t stopped Kuroda from advancing radical stimulus measures and a new "no" vote may actually ease concerns that the loss of two staunch ... (full story)
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