'N Triljoen hier, 'n triljoen daar, dit tel gou op…
Overnight/early morning the BOJ (bank of Japan) published its
latest monetary policy statement. The Board of the Bank of Japan decided that the Bank of Japan will conduct money market operations so that the monetary base will increase at an annual pace of about 60-70 trillion yen. On current exchange rates this is approximately $600-700 billion.
The Bank will continue to purchase Japanese government bonds (JGBs), the amount outstanding will increase 50 trillion yen per year, the average remaining maturity of the Bank’s JGB purchases will be seven years.
Die Bank sal beursverhandelde fondse (ETF's) en Japanse eiendomsbeleggingstrusts (J-REIT's) koop, uitstaande bedrae sal onderskeidelik met 1 triljoen jen per jaar en 30 miljard jen toeneem. Wat CP en korporatiewe effekte betref, sal die Bank voortgaan met daardie bate-aankope totdat hul uitstaande bedrae 2.2 biljoen jen en 3.2 biljoen jen onderskeidelik teen einde 2013 bereik.
Japan’s economy is expected to return to a moderate recovery, if domestic demand increases its resilience due to the monetary easing and various economic measures, and that growth rates of overseas economies gradually pick up. The year-on-year rate of change in the CPI is likely to gradually turn positive.
Die Bank sal voortgaan met kwantitatiewe en kwalitatiewe monetêre verligting om die prysstabiliteitsteiken van 2 persent te bereik, en daardie teiken op 'n stabiele manier te handhaaf.
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Die impak van die beleidsaankondiging op die prys van jen teenoor sy belangrikste eweknieë was beperk aangesien verklaarde beleid nie afgewyk het van wat die mark verwag het nie.
Mario Draghi, president van die Europese Sentrale Bank, vertrou Duitsland se konstitusionele hof, wat 'n saak teen die sentrale bank se effekte-koopplan sal oorweeg wat vandag begin.
“I have full confidence in the constitutional court’s independence, also in its ability to examine with thoroughness and with fairness all the advice it is getting from all sides, It would be presumptuous of me to say what the conclusion could be. We will not intervene to ensure the solvency of countries that can’t deal with money.”
“If you look back to a year ago, there has been significant progress in these countries, not a single euro has since been spent under the plan.It is probably the most successful monetary policy measure that has been taken.”
Die ECB se Regstreekse Monetêre Transaksies-program sal hierdie week deur die hof in Karlsruhe hersien word tydens verhore. Die nog ongebruikte OMT voorsien potensieel onbeperkte aankope van effekte van skuldgeteisterde lande wat by aanpassingsprogramme aansluit.
In what has become one of the last ‘risk on – risk’ off ‘plays’ currently available the Nikkei fell approximately 2% after Japan’s policy statement whilst yen made considerable gains versus its major peers. This yen was the dominant dynamic in the overnight/early morning trading session. The focus could turn to the euro as news leaks out with regards to Germany’s court decision.
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