(Update) BOJ Decides on Monetary Policy Regime Change
Tokyo, April 4 (Jiji Press)--The Bank of Japan on Thursday decided on a monetary policy regime change including the adoption of a new policy target tied to monetary base.
The central bank will also expand the amount of its Japanese government bond purchases to shore up the country's economy by lowering the entire yield curve.
At the first Policy Board meeting chaired by new Governor Haruhiko Kuroda, the BOJ decided to buy long-term JGBs to increase its holdings by some 50 trillion yen per year.
As a result, the gross amount of the BOJ's JGB purchases will increase to 7 trillion yen per month.
The BOJ also decided to introduce what it calls "monetary base control," which replaces the unsecured overnight call rate as a main policy target. The BOJ said it will conduct money market operations to raise the monetary base by 60 trillion to 70 trillion yen per year.
(2013/04/04-14:13)
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NATION
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