{"id":121669,"date":"2021-09-22T05:08:38","date_gmt":"2021-09-22T05:08:38","guid":{"rendered":"https:\/\/fin2me.com\/?p=121669"},"modified":"2021-09-22T05:08:38","modified_gmt":"2021-09-22T05:08:38","slug":"bank-of-japan-holds-steady-on-policy-offers-bleaker-view-on-exports-output","status":"publish","type":"post","link":"https:\/\/fin2me.com\/business\/bank-of-japan-holds-steady-on-policy-offers-bleaker-view-on-exports-output\/","title":{"rendered":"Bank of Japan holds steady on policy, offers bleaker view on exports, output"},"content":{"rendered":"<ul>\n<li>The Bank of Japan (BOJ) kept monetary policy steady on Wednesday but offered a bleaker view on exports and output, reinforcing expectations the bank will maintain its massive stimulus even as major counterparts eye a withdrawal of crisis-mode support.<\/li>\n<li>The gloom hanging over manufacturers, hit by Asian factory shutdowns caused by the coronavirus pandemic, adds to woes for Japan&#x27;s fragile recovery, which has been hobbled by weak consumption.<\/li>\n<li>The BOJ maintained its assessment on the economy, saying it was &quot;picking up as a trend, although remaining in a severe state due to the impact of the pandemic.&quot;<\/li>\n<\/ul>\n<p>The Bank of Japan kept monetary policy steady on Wednesday but offered a bleaker view on exports<br \/>and output, reinforcing expectations the bank will maintain its massive stimulus even as major counterparts eye a withdrawal of crisis-mode support.<\/p>\n<p>The gloom hanging over manufacturers, hit by Asian factory shutdowns caused by the coronavirus pandemic, adds to woes for Japan&#x27;s fragile recovery, which has been hobbled by weak consumption.<\/p>\n<p>&quot;Exports and factory output continue to increase, although they are partly affected by supply constraints,&quot; the central bank said in a statement announcing the decision. That was a gloomier view than in July, when it said exports and output &quot;continued to increase steadily.&quot;<\/p>\n<p>The BOJ maintained its assessment on the economy, saying it was &quot;picking up as a trend, although remaining in a severe state due to the impact of the pandemic.&quot;<\/p>\n<p>As widely expected, the BOJ maintained its short-term interest rate target at -0.1% and that for 10-year bond yields around 0%.<\/p>\n<p>&quot;The BOJ probably thinks the supply-chain disruption and global chip shortages will be resolved sooner or later. But there&#x27;s new risks emerging from China&#x27;s slowdown,&quot; said Naomi Muguruma, senior market economist at Mitsubishi UFJ Morgan Stanley Securities.<\/p>\n<p>&quot;The downgrade in exports and output may be a prelude to a cut in the BOJ&#x27;s overall economic assessment,&quot; she said.<\/p>\n<p>The rate review came ahead of a ruling party leadership race on Sept. 29 that may shift the administration&#x27;s focus away from the current stance based on former premier Shinzo Abe&#x27;s &quot;Abenomics&quot; reflationist policies, analysts say.<\/p>\n<p>While the candidates agree on the need to maintain massive monetary support for now, they vary on the preferred long-term policy path, an area Governor Haruhiko Kuroda may be grilled on at his post-meeting briefing.<\/p>\n<p>Japan&#x27;s economy emerged from last year&#x27;s doldrums, as robust global demand partly offset the hit to consumption from extended state of emergency curbs to combat the pandemic.<\/p>\n<p>But supply constraints, mainly for chips and parts produced in Southeast Asia, have forced some Japanese firms to slash output, raising concerns among policymakers that Japan&#x27;s recovery could be delayed.<\/p>\n<p>Weak inflation has also reinforced expectations the BOJ will lag other major central banks in dialing back stimulus. Core consumer prices fell 0.2% in July from a year earlier to mark the 12th straight month of declines, as weak consumption discouraged firms from passing on rising raw material costs to<br \/>households.<\/p>\n<p>Source: <a href=\"https:\/\/www.cnbc.com\/2021\/09\/22\/bank-of-japan-holds-steady-on-policy-bleaker-view-on-exports-output.html\" target=\"_blank\" rel=\"noopener\">Read Full Article<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The Bank of Japan (BOJ) kept monetary policy steady on Wednesday but offered a bleaker view on exports and output, reinforcing expectations the bank will [&#8230;]<\/p>\n","protected":false},"author":3,"featured_media":121668,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[6],"tags":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v21.7 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Bank of Japan holds steady on policy, offers bleaker view on exports, output - 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