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BOJ to bid farewell to stimulus era, justify rate hikes in policy review
The Bank of Japan will release next month its findings on the pros and cons of the various unconventional monetary easing tools used in its 25-year battle with deflation, in another symbolic step towards ending its massive stimulus. While the BOJ has said the outcome of the review will not have direct implications on near-term monetary policy, it will likely include findings and surveys that justify its plan to steadily proceed with policy normalisation. The BOJ will release the findings after its final policy meeting of this year on Dec. 18-19, when some analysts expect it to hike interest rates from the current ... (full story)
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From rba.gov.au|Nov 18, 2024Members began their discussion by noting that the central forecast for global economic growth had not changed significantly over the prior three months. Average GDP growth for Australia’s major trading partners was expected to be moderate. Inflation had declined to be close to targets across most advanced economies, and many central banks had reduced the extent of policy restrictiveness as their attention began to shift to downside risks to activity, labour markets and inflation. Output growth in China had been weak recently, but the outlook had been upgraded following the announcement of a range of policy stimulus measures by Chinese authorities. This stimulus had also reduced some of the downside risks to growth in China, which members had discussed at previous meetings, though other downside risks remained. Financial asset prices in China had increased sharply in response to the announcement of the stimulus package. At the same time, the property market in China and property developers’ balance sheets remained very weak. Along with weaker real income growth, this was weighing on the confidence of households in China and on housing credit growth there. Members considered various channels through which economic stimulus in China could support the Australian economy. They concluded that the implications for Australia could be more modest than in the past because the capacity of the mining sector to increase Australia’s volume of mineral exports was limited. Moreover, it was unlikely that the sector would invest as heavily to expand this capacity as it had in the past, and the gains from any rise in the terms of trade were expected for the most part to be saved. post: RBA: FUTURE CASH RATE CHANGES CANNOT BE RULED OUT post: RBA WARNS OF POSSIBLE RATE HIKE IF POLICY NOT AS RESTRICTIVE AS ASSUMED post: RBA: POLICY TO REMAIN RESTRICTIVE UNTIL CONFIDENT ON CPI post: RBA SEES INFLATION NOT MEETING TARGET UNTIL 2026
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- Posted: Nov 18, 2024 5:28pm
- Submitted by:Category: Fundamental AnalysisComments: 0 / Views: 4,045
