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BoJ Keeps Policy Changes on Hold, Establishes New Growth Program

BoJ Keeps Policy Changes on Hold, Establishes New Growth Program

2012-03-13 05:35:00
David Schutz,
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THE TAKEAWAY: BOJ announces no new monetary easing measures -> vote unanimous to leave rates unchanged at 0.10% -> BoJ expands credit facility for small loans -> USDJPY falls 30 points

The Bank of Japan kept key policy elements unchanged, referencing no increase in interest rates or monetary easing measures. The decision to do so was unanimous, the central bank said in a statement today.

In a bid to strengthen the foundational economic growth, however, the BoJ expanded the size of a venture capital credit facility designed to encourage financial institutions to lend to growth industries. Included in this step was the creation of a 500bln Yen loan arrangement for small lot investments and loans.

The BoJ last month expanded its quantitative easing fund by 50bln Yen in a bid to encourage growth and support a weaker Yen. The recent policy steps have lifted the spirits of Japanese exporters, who had struggled for a period with an artificially strong currency which decreased international purchasing power within Japan.

BoJ_Keeps_Policy_Changes_on_Hold_Establishes_New_Growth_Program_body_BOE.png, BoJ Keeps Policy Changes on Hold, Establishes New Growth Program

The Yen strengthened some 30 points against the US dollar on the news the BoJ has dismissed further easing measures for the time being.

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