Not even a whirring blade:
*BANK OF JAPAN TAKES ADDITIONAL ACTION
*BOJ EXPANDS PURCHASES OF ETFS TO 6T YEN
*BOJ DOUBLES USD LENDING PROGRAM TO $24B
*BOJ MAINTAINS POLICY BALANCE RATE AT MINUS 0.100%
*BOJ MAINTAINS MONETARY BASE TARGET AT 80T YEN
*BOJ BOARD VOTES 7-2 TO KEEP NEG RATE UNCHANGED
*KURODA ORDERS ASSESSMENT OF POLICY EFFECTIVENESS NEXT MEETING
No QE, no expanded monetary base, no helicopter. No MOAR! Yen to the moon:
US dollar down but no impact on commodity prices at this point. I guess the 28tr yen stimulus is not enough:
Advertisement
- ~7.5t yen of fiscal spending
- ~6t for fiscal investment and loan financing program
- 15,000 yen handouts for low-income people
- 10.7t yen for infrastructure spending such as maglev line, ports
- 10.9t in SME support to weather Brexit
Not clear yet how much is new. A lot less.
Looks like modest fiscal expansions are the new black.
Advertisement