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Bank of Japan Opts to Keep Monetary Policy Unchanged
Source: yomiuri.co.jp
Source Date: Wednesday, November 21, 2012
Focus: Knowledge Management in Government, Citizen Engagement
Country: Japan
Created: Nov 27, 2012

The Bank of Japan kept its monetary policy unchanged at its two-day Policy Board meeting that ended Tuesday.

The nine-member board decided by a unanimous vote to guide the unsecured overnight call rate to a range from zero percent to 0.1 percent. The target has remained at the level since October 2010. The rate is charged on overnight loans between commercial banks.

No change was made in either the central bank's asset purchase or special loan program aimed at shoring up the economy and overcoming deflation. Under the program, the bank is aiming to raise the combined balance of assets purchased, including Japanese government bonds, and loans provided to 91 trillion yen by the end of December 2013.

The latest central bank decision came after it took additional easing steps for two straight months in September and October.

In a statement to announce Tuesday's decision, the bank kept unchanged its basic economic view, saying the economy "has been weakening somewhat." The economy is expected to return to "a moderate recovery path" after remaining "relatively weak" for the time being, the bank added.

The year-on-year rate of change in the nation's core consumer price index is expected to remain at about zero for the time being, the bank said. The bank said there "remains a high degree of uncertainty concerning Japan's economy," citing worries about the European, U.S. and other overseas economies, and the impacts of heightened Japan-China tensions over the Senkaku Islands.
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