During yesterday’s meeting, the Bank of Japan decided to make no changes to the existing monetary policy. In particular, it left the bond purchase program unchanged around ¥101 trillion or $1.1 trillion. The key interest rate was maintained around 0-0.1% (y/y).
These decisions completely matched analytic forecasts.
The representatives of the Japanese central banks report that the overall stimulation program is roughly estimated at ¥120 trillion. Most of the stimuli will be completed in late 2013. The entire plan will be implemented in early 2014.
At the same time the central bank of South Korea has conducted a meeting today as well. During the meeting, the central bankers decided to leave their monetary and fiscal policies unchanged.
The key interest rate has remained at 2.75% for 4 consecutive months.
