Bank of Japan Monetary Policy Statement
Event Date: Tuesday, July 20, 2021
Event Time: 23:50 CET
Updated Wednesday, July 14, 2021
It's a detailed record of the BOJ Policy Board's meeting, providing in-depth insights into the economic conditions that influenced their decision on where to set interest rates. More hawkish than expected is good for the currency. Although, the BOJ turned more dovish than markets anticipated because the trade war had precipitated again and the global economy including Japan slowed considerably during the coronavirus pandemic, even though Japan didn't close. Now, restrictions are back in Japan and the BOJ sounded more dovish in the last meeting, so let's see what they talked about.
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About Bank of Japan Monetary Policy Statement
The Bank of Japan (BoJ) Monetary Policy Statement is the official dissemination of the current interest rate decision. It includes results of the BoJ Policy Board vote on interest rates and any other orders of the day. The state of the Japanese economy is also discussed in terms of the economic conditions that influenced the outcome of the vote.The BoJ Monetary Policy Statement is a primary indicator of current and future policy toward the JPY. Japan is an export-based economy, thus an emphasis is placed upon a flexible domestic currency. Under Prime Minister Shinzo Abe, a policy of “Abenomics” has prevailed, promoting a weak JPY and negative interest rates.For traders, the BoJ Monetary Policy Statement is crucial to the valuation of the JPY. In the event that rates are raised, the JPY strengthens. If they are lowered, possibly to a negative rate, weakness is a result. Volatility and heavy participation follow the BoJ’s release.