BOJ leaves unchanged its guidance on policy bias, maintains dovish rhetoric

In its policy statement, the Bank of Japan (BOJ) noted that it left unchanged its guidance on policy bias, adding that it will take additional easing steps without hesitation as needed with an eye on the pandemic's impact on the economy.

Additional takeaways

April guidance of offering to buy 10-year JGBs at 0.25% every business day unless it is highly likely no bids will be submitted.

BOJ leaves unchanged its forward guidance on interest rates, says expects short- and long-term policy rates to remain at 'present or lower' levels.

Must carefully watch impact of forex moves on Japan’s economy, prices.

Exports, output continue to rise as a trend but impact of supply constraints heightening.

Japan's consumer inflation to move around 2% for time being but narrow pace of increase thereafter.