The Central Bank of Japan announced the comments of the April Monetary Policy Conference Council.The Bank of Japan has adopted a new word to describe its position to continue to relax the monetary policy. This is one of the series of changes made by Shisoda and male governors.According to the English opinion announced by the Bank of Japan on Thursday, at the first policy conference last month, the board members "Patiently" discussed the maintenance policy.
"Patiently" means waiting for a condition to be satisfied, and compares the wording of a loose policy of maintaining a loose policy before "Persistently".Considering that the original words in Japanese remain unchanged, changes in English do not mean major changes.However, this indeed implies the intentions of Shi Tian and men, showing the intention of gradually getting rid of the Kuroda Dongyan era.Some economists believe that this change acknowledges the transformation of Japanese economic reality.
The word "Persistently" appeared three times in the English version recorded in the March meeting.In April of this year, "Patiently" was used twice, and "Persistently" was deleted.
Chiyoshi
Securities chief economist, former Japanese Central Bank official NoBuyasu
ATAGO said: "Communication with global market participants is extremely important for the Bank of Japan. The Bank of Japan carefully examines every word, so this must be intentional, indicating that its views have changed."
ATAGO pointed out that, given that Japanese prices are rising at the fastest speed in decades, the word "patience" may be more suitable for the Japanese economy.As long as there is patience, once the conditions are met, the policy will change.The summary of Thursday also showed that the committee acknowledged that the Bank of Japan made progress in achieving 2%of the price target.A member said that the inflation target is about to be achieved, but due to the risks of uplink and downlink, the current easing policy is suitable.
For the Bank of Japan, the clear communication with global investors is crucial because they have an important influence to determine the trend of the Japanese financial market.After continuously impacting the global financial market in Kuroda Dongyan, investors are still measuring the credibility of Ueda Dongyan's remarks.People familiar with the matter once said,
In 2018, the Bank of Japan first wrote forward -looking guidance in English to avoid any severe reactions in the yen and the stock market, which shows how sensitive the Bank of Japan's response to overseas investors is.
After the Federal Reserve used the word "patient" in its forward -looking guidance, the governor of the world may also be more familiar with the word.The new word of the Bank of Japan also shows that it recognizes whether it is a critical stage that can achieve the 2%stable inflation goal.
A basic inflation indicator is running at the fastest speed since 1981. The Bank of Japan raised the price expectations in the latest quarterly outlook report issued by the policy statement last month with the policy statement.At the press conference on the April 28th meeting on April 28th, Shikada said: "My true feelings are, I hope to continue the currency easing policy with more patience."
Tetsuya, senior researcher at Nomura Institute of Comprehensive Research Institute
Inoue said: "The change of wording may have some significance." The meaning may be that "the Bank of Japan is focusing on economic data with an open mind"; but it is difficult to say whether the change of the wording is Uesoda's idea.
