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Economic Statistics: BOJ April minutes

Posted by Akhilesh Ganti on May 1, 2013 8:40:00 PM

The minutes of their April 3-4 meeting showed that many of the BOJ's nine board members agreed that they needed to change the central bank policy framework and conduct more aggressive easing in order to hit the new 2% price stability target in about two years. They also decided to switch the monetary policy schematic by targeting the amount of the monetary base instead of the overnight lending rates as they had previously done. With this in mind, they raised the the monetary base from 19.8% to 23.1% while pledging to continue the policies of quantitative and qualitative monetary easing. Dollar/yen, which had been trading around the 97.30 before the release, made session lows at 97.07.

{chart:Bloomberg}(click to enlarge)

Japan BOJAprilminutes monetary base


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