According to the results of the meeting of the Bank of Japan, the parameters of the monetary policy of the country remained unchanged. Thus, the interest rate remained at 0.1%, the growth of the monetary base is projected at 60-70 trillion yen per year. Additionally, the Bank of Japan said that the industry in the country continues to grow despite the recent weak performance. Housing investment continued to decline.
It is worth noting that the Bank of Japan left unchanged forecasts on modest economic recovery. The price of the yen on this background continues to decline gradually and can accelerate the fall in the case of positive statistics on the labor market in the United States. We maintain our medium-term negative outlook for the Japanese yen in relation to the expectation of monetary easing in Japan and its tightening in the United States.