Japanese Yen Update USD/JPY
BOJ policy unchanged, take cautious outlook
The Bank of Japan decided to keep its monetary policy unchanged Tuesday, pushing back for now against political pressure for it to take stronger measures, though more cautious views on the economic outlook fueled expectations for additional easing.
The lack of new steps was widely expected by analysts after the central bank took additional measures and announced a new bank lending program at its last meeting just three weeks ago.
The BOJ’s policy board kept the size of its asset-purchase program, its main tool of monetary easing at JPY 91-T ($1.118-T).
It offered a weaker view of the economy, saying it is “expected to remain relatively weak for the time being.” The assessment is less optimistic than at the time of the semiannual outlook report on Oct. 30, when the bank said the economy was likely to “level off more or less.”
The weaker view “paves the way for additional easing action at its next meeting in December,” said Mizuho Securities chief market economist Yasunari Ueno.
“It raised speculation for a further expansion of the asset-purchase program” at the 19/20 December meeting, he added.
The central bank also said there appears to be “some weakness” in manufacturing due mainly to slowing overseas economies, suggesting a potential downturn in capital spending by companies.
Many analysts expect companies’ spending plans to be one of the Key elements in the quarterly tankan corporate sentiment survey to be used to gauge the need for another round of monetary easing. The BOJ is scheduled to release the survey on 14 December.
The announcement pushed the Yen slightly lower, with the USD rising to JPY81.31 from JPY 81.19 before the announcement.
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