BoJ Minutes: Economic Recovery Continues Moderately

(RTTNews) - Members of the Bank of Japan's monetary policy board said that the country's economic recovery was continuing moderately, although exports and production were sluggish, due to downside risks stemming from the slowdown in emerging economies, the minutes from the bank's October 31 - November 1 meeting revealed on Monday.

The Board noted that exports are likely to increase moderately in due course when the effects of the slowdown in overseas economies and the past appreciation of the yen would probably gradually diminish.

At the meeting, the bank decided to continue to apply a negative interest rate of minus 0.1 percent to the policy rate balances in current accounts held by financial institutions. The Bank also said it would purchase JGBs so that 10-year JGB yields would remain at around zero percent.

The bank maintained the size of its government bond buying "more or less in line with the current pace" of 80 trillion yen per year, in order to achieve price stability target.

"The bank will continue with "QQE with Yield Curve Control," aiming to achieve the price stability target of 2 percent, as long as it is necessary for maintaining that target in a stable manner," the minutes said.