Bank of Japan hikes rates to highest since 1995 as yen languishes at historic lows | Crypto Craft

  • Bank of Japan hikes rates to highest since 1995 as yen languishes at historic lows

    From cnbc.com

    Japan’s central bank on Tuesday raised its policy rate to the highest in over 30 years at 1%, in line with expectations of economists polled by Reuters, accelerating policy normalization started in 2024. This is the Bank of Japan’s first hike since December, when it raised rates to its current level of 0.75%, and the first time since 1995 that rates have been raised to 1%. The BOJ said the decision was split 7-1, with board member Toichiro Asada dissenting and advocating for a hold at 0.75%. The policy tightening comes at a time when Japan has been struggling with a weak yen and inflation that has started to ... (full story)

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Mitiblotch
3 hr ago
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Yet the yen depreciates. Interesting.
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    BOJ Statement on Monetary Policy

    From boj.or.jp|5 hr ago|25 comments

    At the Monetary Policy Meeting held today, the Policy Board of the Bank of Japan decided, by a 7-1 majority vote, to set the following guideline for money market operations for the intermeeting period: The Bank will encourage the uncollateralized overnight call rate to remain at around 1.0 percent. In accordance with the change in the guideline for money market operations, the Bank decided, by a 7-1 majority vote, to change the interest rates applied to its measures. (1) Interest rate applied to the complementary deposit facility The interest rate applied to the complementary deposit facility (the interest rate applied to current account balances held by financial institutions at the Bank, excluding required reserve balances) will be 1.0 percent.3 (2) Basic loan rate4 The basic loan rale applicable under the complementary lending facility will be 1.25 percent. BOJ: BOARD MEMBER ASADA OPPOSED RATE DECISION ... BOJ board members Takata and Tamura oppose outlook description on prices Plan for the Outright Purchases of Japanese Government Bonds At the Monetary Policy Meeting (MPM) held today, the Policy Board of the Bank of Japan reviewed the developments in and functioning of the Japanese government bond (JGB) markets and discussed its approach to future JGB purchases. In principle, long-term interest rates are to be formed in financial markets, and it is appropriate for the Bank to conduct the purchases of JGBs in a predictable manner, while allowing enough flexibility to support stability in the JGB markets. Based on this thinking, with a view to improvement of market functioning and stability of the JGB markets, the Bank decided, by a 7-1 majority vote, to conduct the outright purchases of JGBs as BOJ: WILL KEEP RAISING POLICY RATE AMID ECONOMIC ACTIVITY, PRICES, FINANCIAL CONDITIONS DEVELOPMENTS ...

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