Japan Monetary Policy

Japan

Japan: Bank of Japan keeps monetary policy steady

November 21, 2013

At its 20-21 November monetary policy meeting, the Bank of Japan (BoJ) decided to keep its stance on monetary policy unchanged. The Bank also unanimously decided to continue implementing money market operations so that the monetary base - its main policy instrument - would increase at an annual pace of between JPY 60 and 70 trillion (approximately USD 608 and 710 billion). This decision, which was in line with market expectations, aims at achieving the price stability target of 2.0%. In its accompanying statement, the Central Bank stated that the economy, "has been recovering moderately," and that it is expected to continue to do so. The BoJ underlined three potential risks to the Bank's outlook projection: uncertainty regarding the European debt crisis; developments in the emerging and commodity-exporting economies; and the pace of recovery in the United States. In terms of price developments, the Bank stated that inflation expectations, "appear to be rising on the whole," and that CPI, "is likely to rise gradually," going forward. The next monetary policy meeting is scheduled for 19-20 December. All of the FocusEconomics Consensus Forecasts panelists expect the collateralized overnight call rate to remain unchanged at between 0.0% and 0.1% both this year and next.


Author:,

Sample Report

Looking for forecasts related to Monetary Policy in Japan? Download a sample report now.

Download

Japan Monetary Policy Chart


Japan Monetary Policy November 2013

Note: Collateralized overnight call rate in %.
Source: Bank of Japan (BoJ).


Japan Economic News

  • Japan: Machinery orders decline in May

    July 11, 2018

    Although core machinery orders—a leading indicator of capital spending over a three- to six-month period—contracted in May, the fall was weaker-than-expected, suggesting that capital expenditure will gain steam further down the road.

    Read more

  • Japan: Business confidence weakens in Q2

    July 2, 2018

    According to the Bank of Japan’s quarterly Tankan business survey, sentiment among large manufacturers fell in the second quarter of 2018, suggesting economic momentum has yet to gain traction following a weak first quarter.

    Read more

  • Japan: Consumer confidence declines marginally in June

    June 29, 2018

    Consumer sentiment inched down to 43.7 in June from 43.8 in May, coming in just below market expectations of a stable print.

    Read more

  • Japan: Industrial production falls in May

    June 29, 2018

    Industrial production contracted 0.2% on a month-on-month and seasonally-adjusted basis in May, contrasting April’s revised 0.5% increase (previously reported: +0.3% month-on-month).

    Read more

  • Japan: Core inflation stable in May

    June 22, 2018

    The core consumer price index rose 0.1% in month-on-month seasonally-adjusted terms in May, reversing April’s 0.1% fall. Core inflation was steady at 0.7% in May, unchanged from April and in line with market expectations.

    Read more

More news

Search form