The BoJ holds firm

December 19, 2014

The Bank of Japan retained it plans to increase Japan’s monetary base by around 80 trillion yen a year as it grapples with stagnant inflation. It noted that exports have shown signs of improvement in recent months, which is an important avenue for growth. The market wasn’t expecting the BoJ to ease any further at today’s meeting. After all, it announced a massive new bout of stimulus in October which hasn’t had time to take hold.

From here the BoJ is going to be on data watch mode as it assesses the impact of prior easing on the economy. Inflation numbers due out in a week will provide the bank with an update on the pace of inflation. The figures are likely to confirm that real core inflation (that is inflation once the effects of the sales tax hike and food prices are taken out) is stagnant around or just below 1% y/y.

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