Bank of Japan kept the basic parameters of the monetary policy of the country. So, it will continue to repurchase assets worth 80 trillion yen annually. According to estimates of the Bank of Japan, the economy will continue to recover at a moderate pace. Consumer inflation is moving towards zero, despite the loose monetary policy and falling yen. Given the tightening of monetary policy in the United States and the expectation of rising interest rates of the Fed and current policy of the Bank of Japan, we maintain a medium-term negative outlook on the yen and see no reason to change the forecast.