Breaking: BoJ steers policy on a steady course, USD/JPY jumps

At Bank of Japan (BoJ) Governor Kazuo Ueda’s first monetary policy meeting, the central bank’s board members decided to make no changes to their current monetary policy settings, maintaining rates and 10yr JGB yield target at -10bps and 0.00% respectively.

Summary of the statement

No change to yield band.

No change to forward guidance on interest rates.

BoJ maintains band around its 10-year JGB yield target at up and down 0.5% each.

BoJ made decision on YCC by unanimous vote.

more to come ...