The Bank of Japan held its ground as scheduled, causing the yen to rise and fall105, with increased emphasis on loose focus turning7month

At a time when the Federal Reserve had earlier decided to remain silent and issued a dovish resolution statement, and global markets were in turmoil due to the approaching Brexit referendum, the Bank of Japan（BOJ）Thursday（6month16I have decided to hold my ground. It is worth mentioning that Bloomberg introduced that the announcement time of the Bank of Japan's resolution this time is2014year6The earliest time since the beginning of the month.


although40Among the interviewed economists, only5It is expected that the Bank of Japan will take interest rate cuts today, and39Only in the position7It is expected that there will be additional easing, but there will be additional support for the Bank of JapanETFThe hope of purchasing or implying further stock purchases still exists...But in the end, the Bank of Japan did nothing, which disappointed some hopeful investors...The US dollar plummeted sharply against the Japanese yen in an instant105Pass, Nikkei225indexfuturesPlummet300Point. When the resolution was announced, the Japanese stock market had already ended early trading.


Key points of the resolution statement:

[blockquote]
The Bank of Japan maintains the annual growth rate of its monetary base80The plan of trillions of yen remains unchanged, and the committee8:1The voting result passed the decision. Proposal by Central Bank Deliberation Committee Member Dengying Muchi45The basic target of trillions of yen was rejected by the majority.


The Bank of Japan maintains interest rates at-0.1%No change, the committee will7:2The voting result approved the decision. Dengyo Muchi and Kenyu Sato oppose negative interest rates.


Dengyo Muchi proposed to allow2%The time elasticity of achieving inflation targets is also affected by8:1Number of votes rejected.Foreign exchange gold


It is expected that the price trend will steadily rise.
Inflation expectations have recently weakened.
currentCPIOr slightly below zero or approximately0The level of.
We need to remain vigilant about the risks of price trends.
The central bank will continue to relax until the inflation rate stabilizes at2%Target level.

There is a risk of delaying the adjustment of deflationary mentality.


The Japanese economy continues to recover moderately.
After the earthquake, the output value remained basically unchanged.
If necessary, additional stimulus measures will be implemented.


The global financial market is unstable.[/blockquote]


The Bank of Japan's monetary policy statement highlighted uncertainty risks surrounding emerging market and commodity exporting economies, particularly the economic development situation in China and the United States, as well as European debt issues.


As shown in the figure below, the distribution of eagles and pigeons among members of the Bank of Japan has further differentiated:



Kaitou Macro（Capital Economics）Senior Japanese EconomistMarcel ThieliantResident in SingaporeThieliantIn Thursday's report, it was stated that the Bank of Japan may7Further easing of monetary policy at the monthly meeting.

[blockquote]The Bank of Japan may reduce the annual growth rate of its monetary base from80Trillion yen increased to90Trillion yen and reducing policy interest rates from the current-0.1%Further decrease to-0.3%. Bank of Japan7At the time of the monthly meeting, which coincides with the release of its economic outlook report, there is ample time to conduct an in-depth evaluation of the economic situation.
Continue reading:http://www.fxgold.com/news/rben14929w2.html

[/blockquote]