Japan Monetary Policy


Japan: BoJ leaves rates unchanged and decides against expanding quantitative easing

April 28, 2011

At its 28 April regular monetary policy meeting, the Bank of Japan (BoJ) decided to continue with its current loose monetary policy stance. The Bank stated that the devastating effects of the quake and tsunami on the country's economy may be higher than initially estimated, as the nuclear crisis and the ongoing power supply disruptions are still present. The BoJ left its uncollateralized overnight call rate at around 0%-0.1%. Moreover, the BoJ rejected calls to enhance its current Asset Purchase Program (ATP) by JPY 5 trillion (USD 61 trillion), which would have pushed the total program to JPY 45 trillion (USD 550 billion). The call was made by the deputy governor K.G. Nishimura. Meanwhile, the BoJ increased its inflation forecast for fiscal 2011 from 0.3% to 0.7%, matching the figure for 2012 of 0.7% (previous forecast for 2012: 0.6%).


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