JPY Daily News

BoJ Hold Rates Steady

The BoJ left its unsecured overnight call loan rate steady at 0.0%-0.1%. The decision was unanimous as was the decision to keep the amount of the bank's asset purchase fund unchanged at JPY 55 trn. In the BoJ monetary policy statement the central bank highlighted a slowdown in the Japanese economy, “Due to the effects of a slowdown in overseas economies and of the appreciation of the JPY.” The BoJ also noted lower business sentiment despite increased domestic demand. Yesterday's trade deficit numbers for the month of November showed an increase to JPY 684 bn which is a new record the month. The data hints at a potential current account deficit for Q4 which is typically a negative for a currency.

Dow Jones reported that the Japanese government is ready to lower this year's GDP forecast down to -0.1% from the previous 0.5%. For 2012 GDP could be revised lower to 2.2% from 2.7%.

Current Time: 05/27 00:37 GMT

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