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Main Indicator: BOJ Interest Rate Statement
Most Recent Release
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Actual | Forecast | Previous | Revised Form | |
| 0.50% | 0.50% | 0.50% | N/A | ||
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Release from Bank of Japan
The Bank of Japan held rates at 0.5% amid weaker growth in teh economy. Consumers and firms are being pressured by higher food, energy, and raw-materials costs, which is cutting into spending. The Bank lowered its projections for growth this year. The economy is now expected to grow 1.2% through the year ending March 31, slower than the 1.5% forecast on April 30th. From the Release: "Economic growth is slowing further reflecting weaker growth in business fixed investment and private consumption against the backdrop of high energy and materials prices. While growth will likely remain slow for the time being, it is expected to gradually return onto a moderate growth path thereafter. CPI inflation rate (excluding fresh food) is currently around 1.5 percent due to increased prices of petroleum products and food. CPI inflation is expected to gradually moderate after becoming somewhat elevated in coming months. These suggest that the possibility of the economy remaining on a sustainable growth path with price stability is relatively high. With regard to risk factors, global financial markets remain unstable and there are downside risks to the U.S. and the world economy. In addition, weaker income generation due to upsurge in commodity prices has the potential to weigh on domestic private demand. These downside risks to the economy demand attention. On prices, inflationary pressures are increasing globally. In Japan, it is necessary to be mindful of upside risks due to changes in the inflation expectations of households and the price-setting behavior of firms in addition to developments in energy and materials prices. Meanwhile, if the downside risks to the economy turn out to decrease, this will increase the risk of possible swings in economic activity and prices due to prolonged period of accommodative financial conditions" |
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Table of Past Data
| 11/12 | 12/20 | 1/21 | 2/14 | 3/6 | 4/8 | 4/30 | 5/19 | 6/12 | 7/14 | ||
| Actual | 0.50% | 0.5% | 0.50% | 0.50% | 0.50% | 0.50% | 0.50% | 0.50% | 0.50% | 0.50% | |
| Forecast | 0.50% | 0.5% | 0.50% | 0.50% | 0.50% | 0.50% | 0.50% | 0.50% | 0.50% | ||
| Previous | 0.50% | 0.5% | 0.50% | 0.50% | 0.50% | 0.50% | 0.50% | 0.50% | 0.50% | 0.50% | |
| Revised From | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | |
Past Releases
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Actual | Forecast | Previous | Revised Form | |
| 0.50% | 0.50% | 0.50% | N/A | ||
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Release from Bank of Japan The Bank of Japan held rates steady at 0.5% as policy makers are watching the effects of high inflation, especially on oil and food prices, which can slow current expectations for economic growth. Firms are facing higher production costs which are squeezing profits, and causing some companies to lay off staff. The bank signaled that the economy was at a turning point and that the longest postwar expansion may be over. GDP was strong in the 1st quarter for Japan, but a drop in household spending, an increase in unemployment and weak production all point to the 2nd quarter showing weaker growth. Despite slowing growth, the mood among central banks has been a shift towards combating inflation as was seen with the Bank of Canada, and recent statement by Fed Chairman Bernanke. That means the Bank of Japan is unlikely to lower rates in order to help its struggling economy, and must take a wait and see approach for the next several months. |
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Actual | Forecast | Previous | Revised Form | |
| 0.50% | 0.50% | 0.50% | N/A | ||
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Release from Bank of Japan The Bank of Japan held rates at 0.50%. The bank recently cut its estimate for growth in the economy while higher prices for energy and raw materials present a problem for inflation. It is a similar experience in all the major economies now. The bank released their monthly monetary policy assessment in which they said that exports should continue growing, but at a slower pace. Production and machine orders were also down as factories are faced with higher raw materials costs that squeeze profits. Waning demand from the US market will also have an impact despite stronger demand from emerging economies like China, India, Russia and the Middle East. Policy makers will be hard pressed to find any way to raise rates this year. |
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Actual | Forecast | Previous | Revised Form | |
| 0.50% | 0.50% | 0.50% | N/A | ||
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Provided by: Bank of Japan The Bank of Japan held rates steady at 0.5% in a unanimous decision. The bank is expected to lower growth projections and signal that it will keep rates on hold in order to assess how the US slowdown will affect the Japanese economy going forward. Data released today showed that household spending is down, and industrial production took a big hit in March. The manufacturing PMI for April was also down. |
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Actual | Forecast | Previous | Revised Form | |
| 0.50% | 0.50% | 0.50% | N/A | ||
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Release from Bank of Japan It was a unanimous decision by the Monetary Policy to leave rates at 0.50%. Its the 16th straight meeting that rates have been held at this rate. The Bank members will continue to assess how much the US economy, one of Japan's key trading partners, will slow down and what effects that will have on the global economy. The news was greeted with little action in the markets, as its outcome was widely expected. Earlier today, both houses of parliament approved the nomination of deputy governor Shirakawa as the new Bank of Japan governor, which has been left vacant since March 19 when former chief Toshihiko Fukui stepped down after his five-year term ended. |
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Actual | Forecast | Previous | Revised Form | |
| 0.50% | 0.50% | 0.50% | N/A | ||
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Release from Bank of Japan
Japan's central bank members voted unanimously to hold rates. The policy makers felt it unnecessary to be too concerned with downside risk to growth albeit signs of easing corporate activities. However, these risks are mostly in the short and medium term. This decision was widely anticipated and did little to move the market. On a side note, the bank of Japan's Fukui will finish his 5-year term as BoJ governor. Toshiro Muto, a former top bureaucrat at the finance ministry and a deputy governor of the BoJ since 2003, has been nominated to fill his shoes. However, his past row in the government has been an issue as it may compromise the separation of the government and the bank. Fukui has been accommodative in his policy suggestions and has helped the Japanese economy recover from a decade-long slump. |
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Actual | Forecast | Previous | Revised Form | |
| 0.50% | 0.50% | 0.50% | N/A | ||
|
Release from Bank of Japan
The overnight call rate remained at 0.5% after the BoJ voted to hold rates. This was a 9-0 vote and was expected by the market. There is a cautious sentiment and the central bank's policy committee will remain watchful of exports and capital investment as well as the ongoing slowdown in US, a major trading partner to Japan. |
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Actual | Forecast | Previous | Revised Form | |
| 0.50% | 0.50% | N/A | |||
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Release from Bank of Japan The Bank cited a slight downward deviation from the projections released in October 2007. Shrinking housing investment has been a key drag to the economy. Otherwise, growth has been modest, and prices slightly higher due to the rise in global commodities prices. |
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Actual | Forecast | Previous | Revised Form | |
| 0.5% | 0.5% | 0.5% | N/A | ||
| The Bank of Japan voted unanimously to hold rates steady as the bank downgraded its assessment of the economy. Housing starts are slowing and dragging economic expansion. | |||||
|
Actual | Forecast | Previous | Revised Form | |
| 0.50% | 0.50% | 0.50% | N/A |