The Bank of Japan has opted to finesse the conditions of its quantitative easing Programme rather than unleash a large dose of stimulus in its hotly-anticipated policy meeting – although policymakers left the door open to taking interest rates further into negative territory.
Unveiling “QQE with yield curve control” the BoJ said:
Interest rates were kept on hold at minus 0.1 per cent, although further rate cuts are not ruled out.
The scale of its quantitative easing programme was also kept on hold, with overall asset purchases at ¥80tn a year. However the BoJ has scrapped the maturity target in its bond-buying programme, a move which will ease the pressure on banks as a consequence of negative interest rates. Currently, the average remaining maturity of the government bonds the BoJ buys is set at 7-12 years.
The timeframe for reaching 2 per cent inflation target, which has been repeatedly pushed back since being first announced in April 2013, has now been set as “the earliest possible time”, – likely to be longer than the target of during fiscal 2017, the most recent date range outlined.
Source - FT
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