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Mix-Ansicht- Reflationierung voraus: BOJ Raises Ceiling On Liquidity Target (E) - El Sheik, 10.10.2003, 09:40
Reflationierung voraus: BOJ Raises Ceiling On Liquidity Target (E)
-->aus: Nikkei Shinbun von heute
TOKYO (Dow Jones)--The Bank of Japan board Friday voted by a majority to slightly ease monetary policy in a move aimed at maintaining the economy's recovery.
In a mostly unexpected move, the central bank raised the ceiling of its account balance target by Y2 trillion to a range of Y27 trillion to Y32 trillion, leaving the bottom of the target unchanged.
The BOJ held steady its target for monthly purchases of government bonds at Y1.2 trillion.
Alongside its decision to raise the account balance target, the central bank also in a statement reassured financial markets that it doesn't plan to end its ultra-easy monetary policy until it is completely convinced that deflation has ended, despite acknowledging an improvement in the economy.
"With the aim of laying the foundation for sustainable growth in Japan's economy, the bank is currently committed to maintaining its quantitative easing policy until the consumer price index registers a stable 0% or an increase year on year," the bank said.
The BOJ said it is optimistic on the economy's outlook.
"Looking forward, exports and production will likely increase, which in turn will gradually (increase the) momentum for an economic recovery in Japan," it said. But it may"take some more time before a self-sustaining recovery in domestic demand gains momentum, given the existence of persisting structural problems such as debt overhang and excess labor."
Aside from raising the account balance ceiling, the central bank said it will proceed with a previously discussed plan to extend maturities on repurchase agreements for government bonds to one year from the current maximum of six months. <font color=red> Reflationierung voraus!</font>
The BOJ also said it will make policy more transparent by issuing a quarterly outlook on the economy and prices, providing a monthly report on the economy on the same day as its policy board meets, and bringing forward the BOJ governor's regular press conference to the day each policy meeting ends. The press conferences were previously held two days after the meetings.
Gruß El Sheik
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