The Bank of Japan kept monetary policy steady on Thursday but Governor Haruhiko ...
TOKYO - The Bank of Japan kept monetary policy steady on Thursday but Governor Haruhiko Kuroda signaled readiness to ramp up stimulus as global risks cloud the economic outlook, joining U.S. and European central banks in dropping hints of additional easing.
“If the economy loses momentum toward achieving our price target, we’ll of course consider expanding stimulus without hesitation,” he told a news conference. “There’s a good chance the Fed will cut rates in July. If that happens, the BOJ will strengthen its forward guidance to keep yen rises in check,” said Izuru Kato, chief economist at Totan Research.
“Downside risks regarding overseas economies are big, so we must carefully watch how they affect Japan’s corporate and household sentiment,” the BOJ said in a statement announcing the policy decision. Japan’s 10-year government bond yields slid to a three-year low of minus 0.160% on Thursday, approaching the minus 0.2% floor of a range the BOJ had said would be acceptable.
Yen moves have always been crucial in the BOJ’s policy thinking. A recent Reuters poll showed most economists saw a yen rise above 100 to the dollar as a trigger for more easing. The dollar stood around 107.80 yen on Thursday. [FRX/]
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