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9 Oct 2013
BoJ minutes: QE to be pursued as long as necesary
FXstreet.com (Barcelona) - The minutes from Japan's Monetary Policy Meeting held on Sept 5 offered no further insights into the future policy action by the bank, with the Bank setting the following guidelines for money market operations.
Statement on Monetary Policy
- The Bank of Japan will conduct money market operations so that the monetary base will increase at an annual pace of about 60-70 trillion yen.
- With regard to the asset purchases, the Bank will continue with the same guidelines on (JGBs), (ETFs) and corporate bonds.
- Japan is expected to continue moderate recovery
- With regard to the outlook, Japan's economy is expected to continue a moderate recovery. The year-on-year rate of increase in the CPI is likely to rise gradually.
- Capex starting to pick up as profits improve
- One member was concerned about weak recovery in exports and low factory activity
- Many members agreed QE has eased pressure on rising JGB yields
- The Bank will continue with quantitative and qualitative monetary easing, aiming to achieve the price stability target of 2 percent, as long as it is necessary for maintaining that target in a stable manner. It will examine both upside and downside risks to economic activity and prices, and make adjustments as appropriate
Statement on Monetary Policy
- The Bank of Japan will conduct money market operations so that the monetary base will increase at an annual pace of about 60-70 trillion yen.
- With regard to the asset purchases, the Bank will continue with the same guidelines on (JGBs), (ETFs) and corporate bonds.
- Japan is expected to continue moderate recovery
- With regard to the outlook, Japan's economy is expected to continue a moderate recovery. The year-on-year rate of increase in the CPI is likely to rise gradually.
- Capex starting to pick up as profits improve
- One member was concerned about weak recovery in exports and low factory activity
- Many members agreed QE has eased pressure on rising JGB yields
- The Bank will continue with quantitative and qualitative monetary easing, aiming to achieve the price stability target of 2 percent, as long as it is necessary for maintaining that target in a stable manner. It will examine both upside and downside risks to economic activity and prices, and make adjustments as appropriate