By www.CentralBankNews.info The Bank of Japan (BOJ) maintained its target for asset purchases with the aim of increasing the monetary base by an annual pace of about 60-70 trillion yen.
The brief statement by the BOJ did not include any further details.
In April the BOJ embarked on a new and aggressive monetary easing with the aim of doubling the country’s monetary base – banks reserves and the central bank plus currency in circulation – in order to rid Japan of nearly 15 years of deflation and boost inflation to 2.0 percent in two years.
Since June, Japan’s consumer price inflation rate has turned positive, following 12 straight months of falling prices. In September Japan’s headline inflation rate rose to 1.1 percent from 0.91 percent in August.
Japan’s economy has also been strengthening, with the Gross Domestic Product up by an annual rate of 0.9 percent in the second quarter, up from 0.3 percent in the first quarter.
At its previous meeting, the BOJ repeated that the country’s economy was “recovering moderately” while the increase in consumer prices was likely to rise gradually.
www.CentralBankNews.info
