Japan Monetary Policy


Bank of Japan stays put at February meeting

At its 13-14 February monetary policy meeting, the Bank of Japan (BoJ) decided to keep the size of the current Asset Purchase Program at JPY 101 trillion (USD 906 billion). The program is set to expire by year end, when it will be replaced by an open-ended asset purchase scheme, which will purchase about JPY 13 trillion of financial assets every month as long as it is deemed necessary to achieve the new 2% inflation target. That said, the Bank rejected, by an 8-1 vote, to adopt a more dovish stance, refusing to pledge a virtually zero interest rate until the achievement of the 2% target is in sight.

The Bank also decided, by a unanimous vote, to leave the uncollateralized overnight call rate unchanged at between 0% and 0.1%, in a decision that was in line with market expectations.

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