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As expected, the BoJ did not make any changes to its monetary policy. The short-term interest rate target is kept at -0.10 percent under the yield curve control framework. The Bank of Japan will continue to acquire JGBs with no upper limit to keep 10-year JGB yields around 0%. With one abstention, the decision was made by a 7-1 majority vote. Goushi Kataoka, as usual, was a dissenter, advocating for stronger relaxation. Takako Masai did not vote.
The board also voted to extend the Special Program to Support Financing in Response to the Novel Coronavirus by 6 months to the end of March 2022, by an 8-0 majority decision with one abstention. The BoJ is also committed to “closely monitor” the impact of COVID-19 and “will not hesitate to take additional mitigation measures if necessary.” In addition, he “expects short-term and long-term interest rates to remain at or below current levels.”
According to news reports, Japanese Economy Minister Yasutoshi Nishimura stated on Friday that he expects Japan’s overall GDP growth to recover to pre-coronavirus levels this fiscal year. “Private investment and wage rises are key for achieving growth.” “Won’t lower the flag of fiscal consolidation.” “Japan’s exports and output have returned to pre-coronavirus levels, leading to corporate earnings improvement from last year onward.”
BOJ: EUR/JPY Attempts Smashing 130.80 Level
Aside from the EUR/JPY pair, the USD/JPY pair had no immediate reaction to these remarks and was last spotted at 110.07, down 0.12% on the day. On the penultimate trading day of the week, the USD/JPY pair lacked any solid directional bias and seesawed between tepid gains and modest losses through the mid-European session.
So far, the EUR/JPY has regained its composure and has risen from multi-week lows in the 130.80 area. The downtrend is expected to continue, with the 100-day SMA at 130.40 acting as minimal support ahead of the psychological barrier around 130.00. The April lows in the 129.60 zone are further south, albeit not favored for the time being.
In the bigger picture, as long as the cross stays above the 200-day SMA at 127.58, the prognosis for the cross should remain positive.
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