<p>From that meeting:</p><ul><li><a href=”https://www.forexlive.com/centralbank/boj-announces-no-change-to-jgb-yield-band-20230118/” rel=”follow” target=”_blank” class=”article-link”>BOJ announces no change to JGB yield band</a></li></ul><p>The BOJ did do a little tinkering:</p><ul><li><a href=”https://www.forexlive.com/centralbank/boj-unveils-new-tool-to-defend-yield-control-policy-20230118/” rel=”follow” target=”_blank” class=”article-link”>BOJ unveils new tool to defend yield control policy</a></li></ul><p>-</p><p>Summary main points:</p><ul><li>its appropriate to maintain current monetary easing including YCC</li><li>BoJ must keep yields from rising across the curve</li><li>BOJ must remain mindful of bond market functioning</li><li>more time is needed to assess the impact of the December move</li><li>must continue to point out to markets that it’ll take time to hit the inflation target</li><li>a policy review must be undertaken at some point, but for now loose policy is needed</li><li>Japan CPI is expected to slow its pace of rise in H2 of the next fiscal year</li><li><p>it could take time for wages to rise sustainably</p></li></ul><p>Full text is here:</p><p><a href=”https://www.boj.or.jp/en/mopo/mpmsche_minu/opinion_2023/opi230118.pdf” target=”_blank” rel=”nofollow”>Summary of Opinions at the Monetary Policy Meeting on January 17 and 18, 2023</a></p>
This article was written by Eamonn Sheridan at www.forexlive.com.
