19 Jun 2015
BoJ changes its communication framework – BBH
FXStreet (Edinburgh) - The research team has reviewed the recent announcement by the Bank of Japan at today’s meeting.
Key Quotes
“The BOJ meeting ended with no change in policy but it changed its communication framework”.
“As of January 2016, there will be three changes: (1) BOJ’s meetings will be held 8 times a year, down from 14 times a year; (2) The quarterly outlook for economic activity and inflation will be released immediately after the meeting in January, April, July, and October; and (3) a document that contains a summary of opinions presented by each board member, called “Summary of Opinions.”
“This will released in about a week after the meeting, and regular minutes will continue to be released”.
“The BOJ’s quarterly outlook will therefore look more similar to FOMC’s economic projections by including member’s forecast and risk assessments (i.e. the FOMC’s dot plot)”.
“This could help emphasize the diversification of BOJ’s meeting, especially as we move into discussions about tapering of Japans QE program. Board member Kiuchi, for example, has already proposed tapering”.
Key Quotes
“The BOJ meeting ended with no change in policy but it changed its communication framework”.
“As of January 2016, there will be three changes: (1) BOJ’s meetings will be held 8 times a year, down from 14 times a year; (2) The quarterly outlook for economic activity and inflation will be released immediately after the meeting in January, April, July, and October; and (3) a document that contains a summary of opinions presented by each board member, called “Summary of Opinions.”
“This will released in about a week after the meeting, and regular minutes will continue to be released”.
“The BOJ’s quarterly outlook will therefore look more similar to FOMC’s economic projections by including member’s forecast and risk assessments (i.e. the FOMC’s dot plot)”.
“This could help emphasize the diversification of BOJ’s meeting, especially as we move into discussions about tapering of Japans QE program. Board member Kiuchi, for example, has already proposed tapering”.