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The Bank left its headline monetary policy settings unchanged as expected, but tweaked its scheme focused on corporate liquidity provisions, extending its duration by 6 months, out to the end of September 2021 (meeting expectations), while noting that further extension will be considered if necessary. In terms of scheme-specific adjustments, the Bank revealed that it will combine the maximum amount of additional purchases for each asset (with reference to commercial paper and corporate bonds), which results in a total of Y15tn. Re: its special operations to facilitate financing scheme, the Bank noted that it will remove the upper limit of Y100bn on funds provided to each eligible counterparty against loans that financial institutions make on their own.
- Elsewhere, the Bank also noted that there is no need to change its framework of QQE with YCC, but did reveal that it will assess various measures under this framework and make public its findings, likely at the March 2021 monetary policy meeting.
- The Bank reiterated its forward guidance.
- Kataoka provided the now traditional source of dovish dissent witnessed at BoJ meetings.