BOJ tweaks monetary policy, lowers inflation forecast
Print Edition
JAPAN’S central bank said yesterday it would make adjustments to its ultra-loose monetary policy for the first time in nearly two years, and revised down its inflation forecasts.
The Bank of Japan maintained its 2.0 percent inflation target, but in an acknowledgement of the difficulty it has had achieving the figure, it lowered its forecasts through fiscal 2020.
It also said it would adjust its purchases of exchange-traded funds, and introduce flexibility to its bond buying, in a nod to concerns about the effects of its monetary easing program.
The BOJ said it would seek to keep yields on benchmark 10-year bonds at around zero, but added “yields may move upward and downward” and “the Bank will conduct purchases in a flexible manner.” The bank may also “increase or decrease ... purchases depending on market conditions,” in the first adjustment to its program since September 2016.
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