The Bank of Japan decided to maintain the current large-scale monetary easing policy at the monetary policy meeting held until the 21st, while the Central Bank of Europe decided to raise interest rates for the first time in 11 years.
With the view that the difference in monetary policy stances from Europe and the United States will become clearer and the yen will depreciate further, the future focus will be on whether the BOJ can realize price increases that accompany wage increases. ..
At this monetary policy meeting, the Bank of Japan raised its price outlook for this year to + 2.3%, but wages have not kept pace with the rise in prices, and the BOJ is aiming for a stable price increase of 2%. I couldn't say that, so I decided to keep the current large-scale monetary easing policy.
Meanwhile, the Central Bank of Europe decided to raise interest rates for the first time in 11 years to curb rapid inflation on the night of the 21st of Japan time, and the Federal Reserve Board, the central bank of the United States, will also meet next week, following last month. It is expected that the rate will be raised.
At the meeting on the 21st, Governor Kuroda acknowledged that it is unthinkable to revise monetary easing measures to stop the depreciation of the yen, but the difference in monetary policy stance with Europe and the United States became clear again. There is also a view that the yen will depreciate further in the foreign exchange market.
While the depreciation of the yen has spurred higher prices, the focus will be on whether the BOJ will be able to achieve stable price increases accompanied by wage increases.