Friday, January 29, 2010
BOJ Dec Meeting Minutes Show Board's Need To Introduce New Policy Steps
TOKYO (Dow Jones)--Bank of Japan policy board members suggested the immediate introduction of new monetary policy steps are necessary as concerns are sharply growing that a stronger yen and deflation could derail the nascent economic recovery, minutes of the two December policy board meetings released by the central bank showed Friday.
They also said that it is important to show the central bank's position as it maintains its very accomodative monetary policy stance, which may help longer-term interest rates fall and prop up the economy, said the summary of meeting discussions at the meeting on Dec. 18.
The central bank introduced a new program to lend around Y10 trillion in three-month funds at a 0.1% fixed rate at the emergency meeting held in early December. On Dec. 18, the BOJ decided to leave its key interest rate unchanged at 0.1% and declared it won't tolerate falling consumer prices, escalating the tone of its rhetoric against deflation.
BOJ Dec Meeting Minutes Show Board's Need To Introduce New Policy Steps
TOKYO (Dow Jones)--Bank of Japan policy board members suggested the immediate introduction of new monetary policy steps are necessary as concerns are sharply growing that a stronger yen and deflation could derail the nascent economic recovery, minutes of the two December policy board meetings released by the central bank showed Friday.
They also said that it is important to show the central bank's position as it maintains its very accomodative monetary policy stance, which may help longer-term interest rates fall and prop up the economy, said the summary of meeting discussions at the meeting on Dec. 18.
The central bank introduced a new program to lend around Y10 trillion in three-month funds at a 0.1% fixed rate at the emergency meeting held in early December. On Dec. 18, the BOJ decided to leave its key interest rate unchanged at 0.1% and declared it won't tolerate falling consumer prices, escalating the tone of its rhetoric against deflation.