Bank of Japan July 2020 policy decision
Maintains the same policy for:
- short-term interest rate target at -0.1%
- 10-year JGB yield target at around 0%
More:
- will take additional easing steps without hesitation as needed, with eye on impact of pandemic on economy
- keeps forward guidance on rates unchanged, says it expects short-, long-term policy rates to remain at current or lower levels
- says Japan's economy likely to improve gradually from latter half of this year
- says pace of any Japan economic recovery will be moderate
- says Japan's economy will further improve once impact of pandemic subsides globally
- says inflation likely to gradually accelerate as impact of oil price falls fades
- says outlook for Japan's economy, prices extremely uncertain as they could change depending on pandemic fallout
From the BOJ Quarterly report
- risks to Japan's economic, price outlook skewed to downside
- inflation expectations hovering on weak note
- corporate, household activity remains restrained due to caution over pandemic
- global economy likely to recover from big slump but pace of recovery will be moderate
- Japan exports likely to increase gradually as overseas economy recovers
Yen doing pretty much nothing, which is also expected.
Full text of the:
---
Still to come, Bank of Japan Governor Kuroda news conference at 0630GMT