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Bank of Japan (BOJ) kept monetary policy steady in today's meeting, which was no major surprise. Yen is the top performer today despite inaction was priced in very well.
Bank of Japan (BOJ) kept policy rates on hold at 0.10% and maintained the pledge to increase monetary base by ¥ 80 trillion per annum.
BOJ might surprise markets with additional easing this year, according to some analyst. Goldman Sachs has called for additional stimulus in October. However the bank provided no clues over such in today's policy announcement.
Key highlights -
- As per BOJ, Japanese economy is recovering moderately. BOJ notes that despite headline inflation at zero percent, inflation expectations from longer term perspective is rising. It can clearly be inferred that BOJ is likely to hold policy steady at current level for some time. Focus remains on 'moderately' growth and comments on inflation.
- BOJ member Mr. T. Kiuchi once again voted against current policy and voiced in reduction of asset purchase to ¥ 45 trillion.
- Bank of Japan's statements showed clear concern over emerging market slowdown, which might pose greater risks to Japan's exports.
Today's statement indicates that policy is likely to remain same until some adverse conditions demand else.
BOJ is likely to wait the FED before further move. Next sales tax hike could prove crucial for further expansion.
Yen is currently trading at 119.6 against Dollar. Focus for Yen is now Dollar's broad move and level of risk aversion in the market.
