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BOJ Doubles ETF Target But Holds Key Rate Steady After Fed Cut
Monday, 16 March 2020 13:09 WIB | FISCAL & MONETARY |Bank of JapanBOJ

The Bank of Japan strengthened stimulus but stopped short of cutting its negative interest rate at an early meeting Monday after the Federal Reserve slashed its own rates to address rapidly mounting shocks from the coronavirus.

The BOJ doubled its target for net purchases of exchange-traded funds to 12 trillion yen ($112 billion). Even before the Fed took action, most economists had predicted the bank would raise the ETF buying target, although the number is likely to be a surprise.

The bank also introduced a new lending program to help businesses hit by the pandemic.

Before the Fed took action Sunday, Japan™s central bank had been widely expected to expand stimulus but refrain from cutting its negative interest rate. After seven years of massive monetary stimulus the BOJ is largely seen as having depleted its policy ammunition.

Source : Bloomberg

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