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(Update) BOJ Keeps Massive Monetary Easing Policy Unchanged

(Update) BOJ Keeps Massive Monetary Easing Policy Unchanged

   Tokyo, June 17 (Jiji Press)--The Bank of Japan decided Friday to keep its massive monetary easing policy unchanged, in stark contrast to recent monetary tightening moves by the U.S. Federal Reserve and other major central banks aimed at driving down surging inflation.
   At a two-day meeting of its Policy Board that ended the same day, the BOJ decided to continue its yield curve control scheme to guide the yield on the benchmark 10-year Japanese government bond issue around zero pct while imposing a short-term policy interest rate of minus 0.1 pct.
   The Japanese central bank also maintained its forward guidance on monetary policy bias, saying in a statement released after the meeting that it "expects short- and long-term policy interest rates to remain at their present or lower levels." This expression hints at the possibility of the BOJ lowering interest rates in the future.
   The central bank said it "will not hesitate to take additional easing measures if necessary," clarifying its resolve to support Japan's economic recovery from the COVID-19 pandemic with its accommodative monetary policy.
   In response to the yen's recent rapid weakening against other major currencies and upward pressure on JGB yields reflecting interest rate hikes in the United States and Europe, the central bank said, "It is necessary to pay due attention to developments in financial and foreign exchange markets and their impact on Japan's economic activity and prices."

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AFP-JIJI PRESS NEWS JOURNAL


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