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2021/03/22

BOJ Holds the Monetary Policy Unchanged Yen

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The JPY was bullish last year, attracting bids because the uncertainty remained high in financial markets, benefiting the shelter currencies just like the JPY and therefore the CHF. But, this year the JPY turned bearish, sending USD/JPY surging higher, as most economies are expanding at an excellent pace.


USD/JPY increased around 9 cents from rock bottom , but it's been consolidating around 109, finding support at the 50 SMA (yellow) on the H4 chart, expecting the Bank of Japan meeting earlier today. The BOJ left the policy unchanged, so USD/JPY is resuming the bullish momentum again now.


  • BOJ Governor, Haruhiko Kuroda news conference
  • It is appropriate to continue with current policy framework
  • New interest scheme to ease the impact of lowering rates further
  • The rate levels on the scheme are often adjusted
  • Priority is to stay entire yield curve low amid the virus crisis
  • ETF purchases are effective in times of severe instability
  • We didn't expand the yields band with today’s decision
  • BOJ simply clarified its view on the yields band
  • Some yield fluctuations are positive for market function
  • Does not shall reduce ETF purchases or exit from stimulus policy
  • ETF purchases aren't undermining stock exchange function
  • If we deepen negative rates, we'll tweak interest supported the new scheme
  • Not brooding about widening JGB yields band for now
  • Too early to debate exit from stimulus policy
  • BOJ chose to trace Topix for ETF purchases to scale back impact on individual stocks


Kuroda says that there's no contradiction with Amamiya’s comments (which suggested that the BOJ should expand the yields band) on yields. So, i assume we've the solution on why Kuroda is making these comments.


It is interesting to ascertain him lead with the introduction of the new interest scheme, which is just about him trying to imply that they're still on the dovish side of things.

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