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Financial News: Bank Of Japan Retains Stimulus; Lowers Inflation Outlook

Bank Of Japan Retains Stimulus; Lowers Inflation Outlook

06/15/2018 - 03:19:00 (RTTNews)

(RTTNews) - Bank of Japan maintained its monetary stimulus and lowered its inflation forecast, even as other major central banks resorted to tightening this week.

Governor Haruhiko Kuroda and his board members decided by an 8-1 majority vote to hold its target of raising the amount of outstanding JGB holdings at an annual pace of about JPY 80 trillion.

The bank will purchase government bonds so that the yield of 10-year JGBs will remain at around zero percent.

The board also decided to maintain the -0.1 percent interest rate on current accounts that financial institutions maintain at the bank.

The economy is forecast to continue its moderate expansion. On the price front, the BoJ said consumer prices will rise in the range of 0.5 percent to 1 percent. Earlier, the bank projected inflation to move around 1 percent.

Annual inflation is expected to continue on an uptrend and increase toward 2 percent, mainly on the back of an improvement in the output gap and a rise in medium- to long-term inflation expectations, the bank said.

Marcel Thieliant, an economist at Capital Economics, said the BoJ is unlikely to reach its 2 percent inflation target anytime soon, not least because domestic demand is set to weaken after next year's sales tax hike.

The economist said that the Bank will prioritize its price stability over its financial stability mandate, and policy settings are likely to remain unchanged for the foreseeable future.

The European Central Bank on Thursday announced its plan to exit its asset purchase programme this year and the U.S. Federal Reserve raised its rate for the second time this year on Wednesday.

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