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Japan's central bank stands pat on monetary policy

Japan's central bank stands pat on monetary policy”

The Bank of Japan is likely to end its two-day rate meet review on Thursday with no significant change to the country's monetary policy as inflation remains well below the central bank's target despite an improving Japanese economy.

The vote wasn't unanimous, though - it was 8-1 for maintaining a -0.1% interest rate on excess reserves, with new board member Goushi Kataoka as the sole dissenter.

The central bank's Policy Board at a two-day meeting concluding Thursday also made a decision to keep purchasing government bonds to maintain the 10-year yield, with long-term interests rates at close to zero percent.

The BOJ revamped its policy framework last year to one targeting interest rates rather than the pace of money printing, after three years of huge asset purchases failed to drive up inflation to its 2 percent target. "Domestic demand is likely to follow an uptrend, with a virtuous cycle from income spending maintained in both the corporate and household sectors, on the back of highly accommodative financial conditions and fiscal spending through the government's large-scale stimulus measures". The Nikkei was 0.45% up at 20400 in early afternoon trading.



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