BOJ - Bank of Japan

BOJ - Bank of Japan

3-NOV-2023



BoJ SOO (Thu):

The BoJ will release the Summary of Opinions from its latest meeting next Thursday which participants will be eyeing for any further insights into the central bank's thinking after it conducted a modest tweak to YCC and switched to an even more flexible approach to the implementation of YCC compared with the previously rigid fixed-rate operations. The decision was made by 8-1 vote with board member Nakamura the dissenter who although was in favour of further increasing the flexibility in conducting YCC, preferred increasing flexibility only after confirming an increase in firms' earning power. There were also comments from BoJ Governor Ueda during the post-meeting press conference who noted that they will patiently continue monetary easing with the new measures and will not hesitate to take additional easing measures if necessary, while he acknowledged they were getting gradually closer to achieving the price target and that the recent decision was partly aimed at preventing financial market volatility including FX volatility.