Bank of Japan keeps policy unchanged

Note: This section contains information in English only.
Source: Dukascopy Bank SA
On October 28, the Bank of Japan announced its Policy Rate and published the Monetary Policy Statement and the BOJ Outlook Report. In general, the bank kept its monetary policy unchanged, as the rate remained at -0.1% and the 10-Year Japanese Government Bond yield target would remain at 0.00%.

Quoting the statement: " The short-term policy interest rate: The Bank will apply a negative interest rate of minus 0.1 percent to the Policy-Rate Balances in current accounts held by financial institutions at the Bank.

The long-term interest rate: The Bank will purchase a necessary amount of Japanese government bonds (JGBs) without setting an upper limit so that 10-year JGB yields will remain at around zero percent.

With regard to asset purchases other than JGB purchases, the Bank decided, by a unanimous vote, to set the following guidelines.

a) The Bank will purchase exchange-traded funds (ETFs) and Japan real estate investment trusts (J-REITs) as necessary with upper limits of about 12 trillion yen and about 180 billion yen, respectively, on annual paces of increase in their amounts outstanding.

b) The Bank will purchase CP and corporate bonds with an upper limit on the amount outstanding of about 20 trillion yen in total until the end of March 2022."

Statement on Monetary Policy

Statement on Monetary Policy

On the announcement, at 02:15 GMT, the USD/JPY currency exchange rate did not move. However, prior to the announcement, at 01:40 GMT, the currency pair started a 23 base point decline, which continued on for 25 minutes.

On a larger scale, the rate appears to be consolidating in the aftermath of a four week five percent surge, which had the rate reach the 2017 November high level.

Initial Reaction

Larger scale situation

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