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BoJ Unchanged But Optimistic on Export-Driven Recovery

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The Bank of Japan kept monetary policy steady on Friday and upgraded its assessment of private consumption and overseas growth, signaling its confidence that an export-driven economic recovery was broadening and gaining momentum.

But Governor Haruhiko Kuroda is likely to reassure markets the BOJ will still lag well behind the Federal Reserve in dialing back its massive stimulus program, with inflation far from reaching the BOJ’s 2 percent target, say sources familiar with its thinking.

“Private consumption has shown increased resilience against a background of steady improvement in the employment and income situation,” the BOJ said in a statement announcing the policy decision.

Reuters

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Craig Erlam

Craig Erlam

Senior Market Analyst, UK & EMEA at OANDA
Based in London, Craig Erlam joined OANDA in 2015 as a market analyst. With many years of experience as a financial market analyst and trader, he focuses on both fundamental and technical analysis while producing macroeconomic commentary. His views have been published in the Financial Times, Reuters, The Telegraph and the International Business Times, and he also appears as a regular guest commentator on the BBC, Bloomberg TV, FOX Business and SKY News. Craig holds a full membership to the Society of Technical Analysts and is recognised as a Certified Financial Technician by the International Federation of Technical Analysts.
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