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27 May 2015
BoJ minutes showed no surprises today – Danske Bank
FXStreet (Edinburgh) - Sverre Holbek, Senior Analyst at Danske Bank, reviewed the release of the BoJ minutes.
Key Quotes
“The Bank of Japan (BoJ) minutes released overnight provided some further background for the decision to keep the pace of asset purchases steady in April”.
“The minutes from the 30 April meeting show that many board members saw risks to consumer prices as being tilted to the downside”.
“At the meeting the BoJ pushed back the time frame for achieving the 2% inflation target by one year to April 2016”.
“Even so, the members shared the view that the underlying trend in inflation had improved due to positive developments in the output gap and medium- to long-term inflation expectations”.
“As a result, the BoJ kept its annual target for the expansion of the monetary base steady at JPY80trn, with an 8-1 vote in favour”.
Key Quotes
“The Bank of Japan (BoJ) minutes released overnight provided some further background for the decision to keep the pace of asset purchases steady in April”.
“The minutes from the 30 April meeting show that many board members saw risks to consumer prices as being tilted to the downside”.
“At the meeting the BoJ pushed back the time frame for achieving the 2% inflation target by one year to April 2016”.
“Even so, the members shared the view that the underlying trend in inflation had improved due to positive developments in the output gap and medium- to long-term inflation expectations”.
“As a result, the BoJ kept its annual target for the expansion of the monetary base steady at JPY80trn, with an 8-1 vote in favour”.