BoJ expects weak inflation

Note: This section contains information in English only.
Source: Dukascopy Bank SA
On April 27, the Bank of Japan released its rate statement. However, it did not cause any significant moves. The USD/JPY currency pair lost only 4 pips on the 10M time-frame chart. Afterwards, the pair continued to appreciate.

According to the report, no considerable changes in monetary policy were made. The Japanese policymakers decided to keep the Policy Rate unchanged. In the meantime, the bank predicts weak inflation.

Quoting the reports key points: "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 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.

The Bank will continue with Quantitative and Qualitative Monetary Easing (QQE) with Yield Curve Control, aiming to achieve the price stability target of 2 percent, as long as it is necessary for maintaining that target in a stable manner. It will continue expanding the monetary base until the year-on-year rate of increase in the observed consumer price index (CPI, all items less fresh food) exceeds 2 percent and stays above the target in a stable manner."

Full Official Release

Monetary Policy Report

In the immediate aftermath after the statement, the USD/JPY declined only 4 pips.

Initial Reaction

Larger scale situation

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