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BOJ tweaks policy, but keeps minus interest rate unchanged
– canadianbusiness.com
TOKYO – Japan’s central bank opted Wednesday to keep its monetary easing strategy mostly as is, while tweaking its asset purchases to push yields on long-term government bonds higher.
The technical adjustments to the Bank of Japan’s policies were widely expected, though many analysts had expected an interest rate cut or other more aggressive moves to perk up sluggish growth in the world’s No. 3 economy.
The meeting wrapped up just hours before the U.S. Federal Reserve’s latest policy decision was due. Economists expect the Fed to leave rates unchanged when it ends its two-day meeting Wednesday.
The Bank of Japan’s policy statement said its short-term policy rate will remain at negative 0.1 per cent. The central bank is charging that rate on excess reserves it holds for banks to encourage them to lend more and said it might cut it further.
The tinkering with policy highlights the limits of the central bank’s options but may alleviate concern the BOJ is “crowding out” other investors with its massive purchases of government bonds…
The technical adjustments to the Bank of Japan’s policies were widely expected, though many analysts had expected an interest rate cut or other more aggressive moves to perk up sluggish growth in the world’s No. 3 economy.
The meeting wrapped up just hours before the U.S. Federal Reserve’s latest policy decision was due. Economists expect the Fed to leave rates unchanged when it ends its two-day meeting Wednesday.
The Bank of Japan’s policy statement said its short-term policy rate will remain at negative 0.1 per cent. The central bank is charging that rate on excess reserves it holds for banks to encourage them to lend more and said it might cut it further.
The tinkering with policy highlights the limits of the central bank’s options but may alleviate concern the BOJ is “crowding out” other investors with its massive purchases of government bonds…
Asian shares mixed as Bank of Japan, Fed mull policy options
– canadianbusiness.com
TOKYO – Asian shares meandered Wednesday as markets awaited the outcomes of monetary policy meetings in the U.S. and Japan. Japan’s benchmark fell after August trade data came in weaker than expected.
KEEPING SCORE: Tokyo’s Nikkei 225 fell 0.5 per cent to 16,411.97 and the Hang Seng of Hong Kong fell 0.1 per cent to 23,516.54. The Shanghai Composite index also fell, 0.1 per cent, to 3,021.89. Australia’s S&P/ASX 200 gained 0.5 per cent to 5,327.90 and South Korea’s Kospi was almost flat, at 2,026.56. Shares were higher in Taiwan but mixed in Southeast Asia.
BANK OF JAPAN WATCH: Japan’s central bank was due to release a policy statement at midday Wednesday. Analysts increasingly have speculated the bank will adapt its asset purchases to allow interest rates for long-term Japanese government bonds to rise somewhat, while keeping rates for short term assets near zero. Prospects for a shift further into negative territory for the BOJ’s key policy rate as a way to spur banks to lend more appeared uncertain…
KEEPING SCORE: Tokyo’s Nikkei 225 fell 0.5 per cent to 16,411.97 and the Hang Seng of Hong Kong fell 0.1 per cent to 23,516.54. The Shanghai Composite index also fell, 0.1 per cent, to 3,021.89. Australia’s S&P/ASX 200 gained 0.5 per cent to 5,327.90 and South Korea’s Kospi was almost flat, at 2,026.56. Shares were higher in Taiwan but mixed in Southeast Asia.
BANK OF JAPAN WATCH: Japan’s central bank was due to release a policy statement at midday Wednesday. Analysts increasingly have speculated the bank will adapt its asset purchases to allow interest rates for long-term Japanese government bonds to rise somewhat, while keeping rates for short term assets near zero. Prospects for a shift further into negative territory for the BOJ’s key policy rate as a way to spur banks to lend more appeared uncertain…
