BoJ: No surprises – TDS

Analysts at TD Securities note that the Bank of Japan surprised no-one when it maintained its policy balance rate and 10y yield target at -0.1% and 0% respectively, and left its asset purchase program unchanged.

Key Quotes        

“The bank also downgraded its view on the economy, including its assessment of exports, industrial production and overseas economies.”

“Deputy Governor's speech focused on leverage in the economy and argued for Bank stress testing, however the speech did not shed more light on the Bank's outlook.”