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Strategies & Market Trends : The Epic American Credit and Bond Bubble Laboratory

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To: Wyätt Gwyön who wrote (5745)	1/22/2004 9:07:36 AM
From: mishedlo	of 110194

BoJ unexpectedly eases monetary policy The Bank of Japan confounded market expectations by easing monetary policy on Tuesday in a move it said was aimed at keeping economic recovery on track and underlining its determination to eliminate deflation. After a regular two-day meeting of the BoJ's policy board, the central bank decided by majority vote to raise its target for the balance of current accounts held at the bank to between Y30,000bn and Y35,000bn compared with Y27,000bn to Y32,000bn previously. Explaining its decision, the bank said that, even though the economy was recovering gradually, “given persisting structural problems such as debt overhang, the pace of recovery is expected to remain moderate.” On deflation, it added that, consumer prices were “projected to be on a slightly declining trend as the output gap continues to exist despite gradual improvement.” The BoJ also said it needed to keep a close watch on developments in the financial and foreign exchange markets - the latter a reference to the yen's fairly rapid appreciation against the dollar. news.ft.com

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