BOJ leaves its monetary policy setting unchanged in June

The Bank of Japan (BOJ) board members decided to keep rates unchanged at -10bps while maintaining 10yr JGB yield target at 0.00%.

Statement summary

Japan's economy is in increasingly severe state.

Economy likely to remain in severe state for time being due to coronavirus pandemic.

Economy likely improve as fallout from coronavirus pandemic subsides.

Will take additional monetary easing steps without hesitation if needed with close eye on impact of coronavirus pandemic.

Size of money pumped out via market operations, lending facilities to combat pandemic likely to increase from current 75 trln yen.

 Size of money pumped out via market operations, lending facilities to combat pandemic likely to increase to around 110 trln yen.

Says exports, output falling sharply.

Says pace of increase in capex is clearly slowing.

Says some weak movements seen in job, income conditions.

Says consumption falling sharply.

Says consumer inflation hovering around 0%.

more to come ...