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The Bank of Japan on Tuesday lowered its key rate to a range of between zero and 0.1 percent and announced additional easing measures to revitalize the recovery amid the yen’s appreciation and concerns of deflation. It was the first time the bank had lowered its key rate to near zero in four years.
An asset purchase scheme announced by the bank was attributed to its earlier efforts to boost demand, copy with persistent deflation, and foster liquidity.
The bank had announced a loan scheme to buy around 30 trillion yen from the central bank. A temporary fund would be set up to purchase assets like commercial papers, exchange traded funds, corporate bonds, and government bonds.
According to Masumi Yamamoto, equity market analyst at Daiwa Securities Capital Market, the move signed that the bank took all the possible measures.
The bank’s easing measures on scale and near zero interest rate policy really surprised the market.
Previously, there had been concerns on Japan’s economic outlook facing a risk of a downturn. Central bank governor Masaaki Shirawaka said that the outlook was facing a greater risk than previous projection. The slowdown in overseas economies and the strong yen are partly having impacts on its pace of recovery.
However, Hideaki Inoue, chief forex manager at Mitsubishi UFJ Trust and Banking Corp., markets are waiting for the US. Federal Reserve’s additional easing measures to revive its economy, which would result in limitation of the impact on the Japanese currency. Fed’s measures would soften the dollar and complicate efforts to depreciate the yen.
On Wednesday September 15, 2010, Japan intervened in the currency markets for the first time since 2004. It had stemmed the yen’s appreciation against the dollar. That Wednesday’s decision was given after the government’s tone had hardened. The government had spent weeks trying in vain to verbally warn the yen’s depreciation.
Export, a crucial driver for Japan’s growth, would be affected by the strong yen which makes goods less competitive and erodes businesses’ overseas profits when repatriated. In the second quarter, Japan’s economic growth expanded by an annualized 1.5 percent.
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https://flightsglobal.net/boj-adopts-zero-interest-rate-policy/
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