The Japanese Central Bank; kicking the yen, the Nikkei collapses – Il Sole 24 Ore

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This article was published April 28, 2016 at 8:10.
the last change is the April 28, 2016 at 09:30.

the Nikkei index of the Tokyo Stock Exchange closed today in sharp decline (-3.6 %) at an altitude of 16,666.05 points. The disappointment of investors is due to the decisions of the Bank of Japan (BoJ) has decided to keep unchanged its monetary policy and to postpone further easing measures, thus thwarting the expectations of the markets they expected an intervention. The reference rates remain unchanged at 0.1% and also the asset purchase program unchanged at 80 thousand billion yen a year.

The failure of monetary expansion increased immediately put wings in the yen exchange rate against the dollar, marking the biggest daily variation of the last eight months. The Japanese currency trades today at 108.77 to the dollar, an increase of about 3 percent.

Bounce for industrial production, + 3.6% in March, after recording in the month of February, the largest drop since March 2011 (-6.2%).

It was ” appropriate “to maintain the status quo of monetary policy because it takes longer to see the effects of negative interest rates, said the governor Kuroda. Who specified that the expectations are for a Japanese economic expansion and that it will take “more than two months but less than six months or a year to ensure that negative rates show their effects.” The governor also stressed that “will do everything possible” to reach the target of 2% inflation. And also denied that during the meeting of the BoJ, there have been discussions on possible negative rates to commercial banks.

Kuroda also said that “there are no limits to monetary policy options and that the central bank will not hesitate to provide liquidity to the system if necessary. “

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