Bank of Japan monetary policy meeting April 2023
So no change to policy settings above there at all. Not wholly unexpected, Ueda had not given indications he was in a rush.
And:
- To conduct examination of monetary policy
- BOJ tweaks forward
guidance - Will take additional
easing steps without hesitation as needed while striving for market
stability - Removes reference to
covid-19 pandemic from its forward guidance - Removes forward guidance that pledged to keep interest rate at current or lower levels
- Will spend 1 to
1-1/2 years to conduct review on monetary policy guidance - Japan’s economy fell
into deflation in late 1990s, achieving price stability has been a
challenge for long period of 25 years - During this period,
boj has implemented various monetary easing steps - These measures have
interacted with, influenced wide areas of Japan’s economic activity,
prices and financial sector - In light of this,
BOJ has decided to conduct broad-perspective review of monetary
policy
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There is a lot of info above … but check out that bolded point. Taking 12 to 18 months to conduct its review? That’s a long way from speculation not too many weeks ago that there would be substantial changes at this meeting.
Yen has weakened, although not a huge move.
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For background:
Earlier:
And, previews: