BOSSA.CZ (BOSSA.CZ)
Markets  |  January 22, 2013 08:30:00

Japan launches further easing of monetary policy


The Bank of Japan (BoJ) today announced at a press conference to increase its inflation target at 2 percent and begins to indefinite asset purchase. Japan thus open the program similar to the American buying bonds. Duration, probably will depend on the state of inflation (reaching the inflation target) and economic growth. BoJ came under pressure from the new government, and especially its Prime Minister Shinzo Abe, who since winning the election called for greater intervention in the economy.

To date, the BoJ has undertaken in its program to pump $ 1.1 trillion by the end of 2013. Since 2014, the BoJ will spend each month 13 trillion yen. Japan and declared war on deflation which troubled the country for two decades. Central bankers during the meeting kept interest rates at 0.1 percent.

Shinzo Abe promises from biliónového spending growth. But economists warn that if the government fails to take deeper reforms, the new program is bad account. The land BoJ is whispering about the impact on the premiere of her policy and also that he wanted to put his forehead governor who would be afraid to take more aggressive action. Appointment of the prime minister's men likely to come in April, when mandate ends Shirakowi governor.

Further weakening of the yen, according to Professor Eisuke Sakakibara nicknamed "Mr. Yen "unlikely. Just got to two and a half year low against the U.S. dollar and there should hold. According to Sakakibara values ??are sufficient for around 90 Japanese producers to take advantage of benefits that they bring weak currency.

The announcement of a new indefinite bond purchase program responded and gold, and strengthening, since it is a program dlaší in developed economies změrující to supprt inflation.

Currency pair USD / JPY has been extremely volatile during the press conference and came back to the rising trend line. Crucial will now respond to support 88.25 and trend line.

Currency pair EUR / JPY is in a similar situation. He could not close below the Fibonacci level 50th Today, we may see a rebound from the trend line upwards.The change in trend, we speculated on return to 117.15.

Today we face this important data:

· BRUSSELS - Meeting of the Council of Ministers for Economic and Financial Affairs of the European Union (ECOFIN).

· GERMANY - ZEW economic sentiment index for January at 11:00.

· CANADA - Retail Sales at 14:30

· USA - Sales of existing homes for December at 16:00.

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