The Bank of Japan stands ready to take additional steps as needed to achieve its price goal, a deputy governor of the central bank said Wednesday, amid strong expectations it will act at its policy-board meeting next week.Economic Madness
"The bank is committed to implementing additional easing measures if deemed necessary," Kiyohiko Nishimura told business executives in a speech in Okayama, western Japan.
"We will pursue powerful easing through a virtually zero interest-rate policy and asset buying until the 1% goal comes into view," he told business leaders.
Market participants took Mr. Nishimura's comments as confirmation the bank will act at its meeting next week, which will follow close on the meeting of the U.S. Federal Reserve's Federal Open Market Committee on April 24 and 25.
"The BOJ will ease its policy even without the Fed's action. That's the market's understanding. Nishimura's comments today confirmed that," said Atsushi Ito, a senior analyst at UBS Securities in Tokyo
Japan's aging society benefits from low prices and low taxes. However, politicians want to raise taxes which would tend to strengthen the Yen, while the Bank of Japan wants to print money to weaken the Yen.
If this is not economic madness what is?
Mike "Mish" Shedlock
http://globaleconomicanalysis.blogspot.com
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Mike "Mish" Shedlock is a registered investment advisor representative for SitkaPacific Capital Management. Sitka Pacific is an asset management firm whose goal is strong performance and low volatility, regardless of market direction. Visit http://www.sitkapacific.com/account_management.html to learn more about wealth management and capital preservation strategies of Sitka Pacific.
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