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The Bank of Japan (BoJ) in its two-day monetary policy meeting concluded Tuesday, held interest rate steady, with an outlook of upbeat economic conditions in the near term. Also, it pledged to keep the 10-year yields near zero percent for the time being.
As widely expected, the BoJ kept unchanged its pledge to guide short-term rates at minus 0.1 percent and the 10-year government bond yield around zero percent.
The central bank, led by Governor Haruhiko Kuroda mentioned in its policy speech that with a more upbeat view of the ailing economy, there are expectations in the market for a rate hike in the future, undermining a rate cut hopes. The upgradation in the country’s economic outlook followed a pickup in global demand and factory output, adding to signals that a steady economic recovery is in the pipeline.
Underscoring its optimism on the outlook, the central bank even revised up its view on private consumption - considered a soft spot for the Japanese economy, the world's third largest. That in turn has led to some market expectations the central bank may raise its target for the 10-year JGB yield, which briefly hit 0.1 percent last week, as early as next year.
Further, the Cabinet Office earlier Tuesday released upgrades for its estimates for the economy. Real gross domestic product (GDP) will rise 1.5 percent in the next fiscal year starting April 1, nominal growth will increase to 2.5 percent and overall consumer prices will advance 1.1 percent, it said.
Japan’s Finance Minsiter Aso revealed the budget for 2017, decided at JPY37.5 trillion, 0.8 percent higher than that in 2016. Also, he added that supplementary budgets will also occur as was the case in 2016.
Meanwhile, USD/JPY traded at 117.68, up 0.49 percent, while at 5:00GMT, the FxWirePro's Hourly Yen Strength Index remained neutral at -15.63 (a reading above +75 indicates a bullish trend, while that below -75 a bearish trend). For more details, visit http://www.fxwirepro.com/currencyindex
