BoJ Keeps Policy Unchanged

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    BoJ Gov Kuroda Comments

    Japan’s Economy Expanding Moderately
    Downside Risks To Prices Are Larger
    No Change To Our Stance Of Proceeding With Strong Monetary Easing To Hit 2% Price Target At Earliest Possible Date
    Important For Govt To Maintain Trust In Fiscal Policy, Given High Level Of Public Debt
    PM Abe Hasn’t Given Up On Primary Budget Surplus Target
    Expect Govt To Continue To Take Steps Toward Fiscal Discipline
    Will Continue ETF Purchases Based On Guideline On Asset Purchases
    – Not Buying ETFs With Specific Stock Prices In Mind
    Stock Prices Reflect Future Earnings Prospects Of Companies
    Have Not Observed Excessive Expectations Behind Stock Market Moves


    More from Kuroda – seems to love those ETFs

    would also accelerate deflation
    wrong to think that unconventional mon pol would make exit difficult  
    wages rising but takes time to change mindset
    wage growth will accelerate once deflation mind is gone
    a central bank Gov needs to grasp economic theory, this is a problem not just in Japan, also US & Europe
    6 trln JPY target for ETF buys different to JGB target
    JGB buys are to achieve YCC, this is different to ETFs
    not sure if analysis of my expressions has policy meaning

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