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April BOJ Minutes Confirm Bank Will Ease Further If Needed, Without Hesitation


Bank of Japan April 2022 Meeting Minutes

The minutes are preceded several weeks in advance by the summary:

Headlines via Reuters:

  • Board members agreed not to change BOJ’s stance of taking additional easing measures without hesitation if needed

  • One member said rising commodity costs will hurt the economy, so strong monetary easing needs to be maintained
  • A member said Japan’s monetary policy challenge was to fight inflation that was too low, unlike Western economies.
  • A member said it was inappropriate to change monetary policy stance as Russia’s invasion of Ukraine adds downside risks to Japanese economy
  • One member said the BOJ needs to stay mindful of the need to make its monetary framework sustainable as ultra-loose policy is likely to drag on
  • Several members said the forex should move in a stable manner reflecting the fundamentals
  • A few members said the recent excessive short-term volatility in forex could make it difficult for companies to come up with business plans
  • Several members said they should inform markets that the BOJ conducts monetary policy to achieve price stability, not to control currency movements
  • </p> <p data-v-4573bc2e=""> <p>One member said the BOJ should not look at commodities, currency movements themselves, but the impact they have on the economy and prices</p> </li> <li data-v-4573bc2e=""> <p data-v-4573bc2e="">A member said the weak yen is positive for the Japanese economy at a time like today when the output gap remains wide, the inflation trend is very weak</p> </li> </ul> <p data-v-4573bc2e="">Full Text: </p> <p data-v-4573bc2e="">I posted earlier on these minutes:</p> <p class="text-align-start vertical-align-baseline" data-v-4573bc2e=""><em data-v-4573bc2e="">The change from the Bank of Japan at this meeting was the announcement that the Bank would continue to purchase unlimited 10-year JGB bonds at 0.25% each business day, unless it became clear that such an offer would attract no offers. This decision to affirm the BOJ <span class="term__wrapper" data-v-6ba6fe73="" data-v-4573bc2e=""><span class="term__term-title-container" data-v-6ba6fe73=""><span class="term__term-title" data-v-6ba6fe73=""> yield </span></span> <span class="term__pop-up-wrapper display-block" style="display:none;" data-v-6ba6fe73=""><span class="display-block" data-v-6ba6fe73=""><i class="close-icon term__close-icon" data-v-6ba6fe73=""/> <span class="text-body bold display-block" data-v-6ba6fe73=""></p> <p> Yield<br /> </span> <span class="dots__wrapper term__description" data-v-c02f1b78="" data-v-6ba6fe73=""><span class="dots__visible" style="max-height:63px;" data-v-c02f1b78=""></p> <p> A yield represents the income generated by an investment or security over a certain period of time. Returns are usually displayed in percentage terms and come in the form of interest or dividends received. These figures do not include price changes, which separate them from the total return. Therefore, a yield applies to various stated rates of return on stocks, fixed income instruments such as bonds, and other types of investment products. Returns can be calculated as a ratio or internal rate of return, which can also be used to indicate the owner’s total return or a portion of income. Why are returns important? At any time, all financial instruments compete in a public market. Returns analysis is one of many measures used by analysts and investors and reflects a singular part of the total return of holding a security. For example, a higher return allows the owner to recoup his investment sooner and thus mitigates risk. By extension, a high return may have resulted from a decline in the security’s market value due to higher risk. Yield levels are also influenced by inflation expectations. Fears of higher levels of inflation in the future suggest that investors would ask for a high yield or a lower price relative to the coupon today. The maturity of the instrument is also one of the elements that determines the risk. The relationship between yields and the maturity of instruments of similar creditworthiness is described by the yield curve. Instruments on longer intervals generally have a higher yield than short-term instruments. The yield of a debt security is generally linked to the creditworthiness and probability of default of the issuer. The higher the risk of default, the higher the return would be in most cases since issuers must offer investors some compensation for risk.<br /> </span> <span class="dots__actual-content" data-v-c02f1b78=""></p> <p> A yield represents the income generated by an investment or security over a certain period of time. Returns are usually displayed in percentage terms and come in the form of interest or dividends received. These figures do not include price changes, which separate them from the total return. Therefore, a yield applies to various stated rates of return on stocks, fixed income instruments such as bonds, and other types of investment products. Returns can be calculated as a ratio or internal rate of return, which can also be used to indicate the owner’s total return or a portion of income. Why are returns important? At any time, all financial instruments compete in a public market. Returns analysis is one of many measures used by analysts and investors and reflects a singular part of the total return of holding a security. For example, a higher return allows the owner to recoup his investment sooner and thus mitigates risk. By extension, a high return may have resulted from a decline in the security’s market value due to higher risk. Yield levels are also influenced by inflation expectations. Fears of higher levels of inflation in the future suggest that investors would ask for a high yield or a lower price relative to the coupon today. The maturity of the instrument is also one of the elements that determines the risk. The relationship between yields and the maturity of instruments of similar creditworthiness is described by the yield curve. Instruments on longer intervals generally have a higher yield than short-term instruments. The yield of a debt security is generally linked to the creditworthiness and probability of default of the issuer. The higher the risk of default, the higher the return would be in most cases since issuers must offer investors some compensation for risk.<br /> </span> <!----></span> <span class="text-caption blue term__link" data-v-6ba6fe73="">Read this term</span></span></span></span> curve control has continued until now. The most recent meeting last week again asserted a loose policy, which saw the USD/<span class="term__wrapper" data-v-6ba6fe73="" data-v-4573bc2e=""><span class="term__term-title-container" data-v-6ba6fe73=""><span class="term__term-title" data-v-6ba6fe73=""> JPY </span></span> <span class="term__pop-up-wrapper display-block" style="display:none;" data-v-6ba6fe73=""><span class="display-block" data-v-6ba6fe73=""><i class="close-icon term__close-icon" data-v-6ba6fe73=""/> <span class="text-body bold display-block" data-v-6ba6fe73=""></p> <p> JPY<br /> </span> <span class="dots__wrapper term__description" data-v-c02f1b78="" data-v-6ba6fe73=""><span class="dots__visible" style="max-height:63px;" data-v-c02f1b78=""></p> <p> The Japanese yen (JPY) is the official currency of Japan and, at the time of writing, is the third most traded currency in the world behind the US dollar and the euro. The JPY is widely used as a reserve currency and is used by traders as a safe haven currency. Originally set up in 1871, the JPY has a long history and has survived several world wars and other events. This was followed by the establishment of the Bank of Japan (BoJ) in 1882 and full oversight of the JPY by the Japanese government only in 1971. Japan has historically maintained a policy of monetary intervention, which continues to this day. The BoJ also adheres to a zero to near zero interest rate policy and the Japanese government previously had a strict anti-inflation policy. Any other changes in monetary policy by the central bank are closely watched by forex traders. Also, the overnight call rate is the main short-term interbank rate. The BoJ uses the call rate to signal monetary policy changes, which in turn impact the JPY. The BoJ also buys 10- and 20-year Japanese government bonds (JGBs) on a monthly basis to inject liquidity into the monetary system. The consistent yield on the benchmark 10-year JGBs helps serve as a key indicator of long-term interest rates. Economic data is also very important for the JPY. The most important of these releases in Japan are Gross Domestic Product (GDP), Tankan Survey (Quarterly Survey of Business Sentiment and Expectations), International Trade, Unemployment, Industrial Production and GDP readings. money supply (M2 + CD).<br /> </span> <span class="dots__actual-content" data-v-c02f1b78=""></p> <p> The Japanese yen (JPY) is the official currency of Japan and, at the time of writing, is the third most traded currency in the world behind the US dollar and the euro. The JPY is widely used as a reserve currency and is used by traders as a safe haven currency. Originally set up in 1871, the JPY has a long history and has survived several world wars and other events. This was followed by the establishment of the Bank of Japan (BoJ) in 1882 and full oversight of the JPY by the Japanese government only in 1971. Japan has historically maintained a policy of monetary intervention, which continues to this day. The BoJ also adheres to a zero to near zero interest rate policy and the Japanese government previously had a strict anti-inflation policy. Any other changes in monetary policy by the central bank are closely watched by forex traders. Also, the overnight call rate is the main short-term interbank rate. The BoJ uses the call rate to signal monetary policy changes, which in turn impact the JPY. The BoJ also buys 10- and 20-year Japanese government bonds (JGBs) on a monthly basis to inject liquidity into the monetary system. The consistent yield on the benchmark 10-year JGBs helps serve as a key indicator of long-term interest rates. Economic data is also very important for the JPY. The most important of these releases in Japan are Gross Domestic Product (GDP), Tankan Survey (Quarterly Survey of Business Sentiment and Expectations), International Trade, Unemployment, Industrial Production and GDP readings. money supply (M2 + CD).<br /> </span> <!----></span> <span class="text-caption blue term__link" data-v-6ba6fe73="">Read this term</span></span></span></span> walk convincingly above 135. This comment was made by Captain Obvious after the BOJ meeting last week:</em></p> <ul class="text-align-start vertical-align-baseline" data-v-4573bc2e=""> <li class="vertical-align-baseline" data-v-4573bc2e=""><em data-v-4573bc2e="">will now set up another attempt at 135 later today or in the new week. 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