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Bank of Japan board keeps policy steady, shoots down dissent

Published 04/08/2015, 12:43 AM
Updated 04/08/2015, 12:46 AM
© Reuters. Bank of Japan

Investing.com - The Bank of Japan on Wednesday decided by an 8 to 1 vote to leave the bank's policy target unchanged while board member Takahide Kiuchi, who had been opposed to the Oct. 31 easing, called for an even lower stimulative target than the one before the last easing.

Previously, Kiuchi had proposed the BoJ should maintain the high degree of easing only during the two-year period from April 4, 2013 so that it is not overdone. He had also said the policy target before the Oct. 31 easing was "appropriate."

Now that the two-year period is over, Kiuchi proposed that the BoJ should "conduct money market operations and asset purchases so that the monetary base and the amount outstanding of its JGB holdings will increase at an annual pace about ¥45 trillion."

His proposal was again voted down by the rest of the board.

At the Oct. 31 meeting, the board decided in a tight 5-to-4 vote to increase the annual pace of increase in money in circulation and reserves at the bank to about ¥80 trillion from a range of ¥60 trillion to ¥70 trillion, and boost Japanese government bond purchases to about ¥80 trillion from about ¥50 trillion previously.

After the latest two-day meeting, the BoJ said it will "conduct money market operations so that the monetary base will increase at an annual pace of about ¥80 trillion" and that its financial asset purchases will also proceed after they were expanded on Oct. 31.

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