BOJ leaves the monetary policy unchanged

Source: CNBC
© scanpix/reuters
Regardless of growing need for further stimulus, the BOJ resisted to political pressure and did not introduce more monetary measures. The decision on rejecting the plan to stimulate the economy was made, after Shinzo Abe, main opposition's leader and possibly Japan's next prime minister, pledged he would put more pressure on BOJ to ease the currency and rebound Japanese weakening economy. However, Masaki Shirakawa, the BOJ Governor, decided on not changing the policy, defending the bank's independence and stating that no developed country has practiced anything like that. The central bank has launched monetary stimulus four times this year, after setting a target of 1% inflation.
"The pressure on the BOJ is so strong that I don't think they can avoid easing next month after the results of the election," said Yasuo Yamamoto, senior economist at Mizuho Research Institute in Tokyo.


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