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The Bank of Japan has kept policy unchanged since October last year when the central bank last expanded its Qualitative and Quantitative Easing (QQE) program, which currently has the monetary base expanding at a rate of around ¥80 trillion per year.
However, recession worries will likely keep the BoJ under pressure to continue with the stimulus and easing policies at an upcoming board meeting on October 30, when the BOJ is expected to trim its long-term economic and inflation forecasts.
"The Bank of Japan will conduct money market operations so that the monetary base will increase at an annual pace of about 80 trillion yen," the BOJ said in a statement.
"With regard to the asset purchases, the Bank decided, by an 8-1 majority vote, to continue with the following guidelines:
a) The Bank will purchase Japanese government bonds (JGBs) so that their amount outstanding will increase at an annual pace of about 80 trillion yen. With a view to encouraging a decline in interest rates across the entire yield curve, the Bank will conduct purchases in a flexible manner in accordance with financial market conditions. The average remaining maturity of the Bank's JGB purchases will be about 7-10 years.
b) The Bank will purchase exchange-traded funds (ETFs) and Japan real estate investment trusts (J-REITs) so that their amounts outstanding will increase at annual paces of about 3 trillion yen and about 90 billion yen, respectively.
c) As for CP and corporate bonds, the Bank will maintain their amounts outstanding at about 2.2 trillion yen and about 3.2 trillion yen respectively, the BoJ said further.
The aim of the program is to accelerate inflation to the bank's 2% target by increasing expectations of inflation, encouraging consumers to spend, businesses to invest, and firms to pay higher wages.
