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Bank of Japan says no new easing measures

22 may 2013, 10:38
0
©REUTERS/Toru Hanai
©REUTERS/Toru Hanai
The Bank of Japan on Wednesday held off fresh easing measures, saying after a two-day policy meeting that a continuation of steps introduced last month would help Japan overcome deflation, AFP reports.

The central bank said its widely expected decision to stand pat was reached by a unanimous vote by its board.

In early April, the bank's new management team -- hand picked by Prime Minister Shinzo Abe -- embarked on a new era of huge asset purchases and massive monetary easing.

At his first meeting as BoJ governor Haruhiko Kuroda, a staunch critic of the previous bank chief's efforts to kickstart the economy, said he would double the money supply and vowed no let-up in the fight to reverse falling prices.

The bank said in a statement Wednesday that it would continue with the monetary easing, aiming to achieve the inflation target of two percent "as long as it is necessary for maintaining that target in a stable manner".

"(The bank) will examine both upside and downside risks to economic activity and prices, and make adjustments as appropriate," it said.

"Such conduct of monetary policy will support the positive movements in economic activity and financial markets, contribute to a rise in inflation expectations, and lead Japan's economy to overcome deflation that has lasted for nearly 15 years."

The central bank said the world's third largest economy had already started picking up as exports have stopped falling due to recovering overseas economies.

"Japan's economy is expected to return to a moderate recovery path, mainly against the background that domestic demand remains resilient due to the effects of monetary easing as well as various economic measures, and that growth rates of overseas economies gradually pick up," it said.

But the bank acknowledged "there remains a high degree of uncertainty concerning Japan's economy, including the prospects for the European debt problem and the growth momentum of the US economy as well as the emerging and commodity-exporting economies".

The yen strengthened briefly right after news that the Bank of Japan took no new easing measures but quickly fell back.

The dollar was changing hands at 102.49 yen in Tokyo early afternoon trade against 102.47 yen in New York late Tuesday.

The benchmark Nikkei 225 index at the Tokyo Stock Exchange maintained gains, standing up 1.12 percent soon after the midday break during which the BoJ decision was announced.

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