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MNI BRIEF: BOJ On Hold; Keeps Easing Policy Guidance

(MNI) Tokyo
(MNI) Tokyo

The Bank of Japan board left monetary policy unchanged on Friday as the economy largely continued moving in line with its baseline scenario despite lingering uncertainties and downside risks.

The BOJ maintained its forward guidance for its policy rates, with the decision to keep its easing bias in regards to the monetary policy outlook showing policymakers are vigilant against the near-term downside risk to economy. The short term interest rate was kept at -0.1% and the Bank will continue to target a 10-year bond yield of 0% with a range of 0.25 of a percentage point.

“For the time being, while closely monitoring the impact of Covid-19, the Bank will support financing, mainly of firms, and maintain stability in financial markets, and will not hesitate take additional easing measures if necessary; it also expects short- and long-term interest rates to remain at their present or lower levels.”

The BOJ also maintained its unlimited fixed-rate bond buying operations for consecutive days as policymakers saw a rise in bond yields as undesirable due to lingering downside risks to economy.

MNI Tokyo Bureau | +81 90-2175-0040 |
MNI Tokyo Bureau | +81 90-2175-0040 |

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