Thursday, February 9, 2006

Bank of Japan declines to alter monetary policy

by Brian Turner

The Japanese yen saw mixed success on Thursday. It gained fractionally against the US dollar to ¥118.55 and rising 0.1 percent to ¥206.33 in relation to sterling. However, it dropped 0.1 percent to ¥141.79 against the euro.

These slight moves by the yen came after the Bank of Japan did not make any adjustments to its monetary policy and Bank governor Toshihiko Fukui said that he did not know if any change would be made at the bank’s next policy meeting in a month’s time. Speculation ahead of this month’s meeting had been that the time might have come to tighten monetary policy in light of rises in Japan’s core consumer price index and increased consumer confidence. The vote to continue the current policy was 7 - 2, and despite positive economic data Japan’s vice finance minister said that the nation was still in a mild deflation condition.

 

 

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