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26 Apr 2013
BoJ committed to double monetary base in 2 years
FXstreet.com (Barcelona) - In an unprecedented short statement on Monetary Policy held today, the Policy Board of the Bank of Japan decided, by a unanimous vote, to set the following guideline for money market operations for the intermeeting period:
"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" the BoJ stated.
Bank of Japan continues its pledge to double the monetary base in 2 years.
There was no mention to price guidance, which should be seen as a slight disappointment by the market as the central bank fails to commit to provide a timeframe, which may suggest lack of clarity on when the 2% inflation target may be achieved.
"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" the BoJ stated.
Bank of Japan continues its pledge to double the monetary base in 2 years.
There was no mention to price guidance, which should be seen as a slight disappointment by the market as the central bank fails to commit to provide a timeframe, which may suggest lack of clarity on when the 2% inflation target may be achieved.