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In Brief: Bank of Japan maintains monetary easing, yen plummets

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In Brief: Bank of Japan maintains monetary easing, yen plummets

The picture shows an electronic screen showing the exchange rate of the yen against the dollar. The photo was taken on the morning of September 22 at Higashi-Shimbashi, Tokyo. (Kyodo)

[Kyodo News, September 22nd]At the monetary policy meeting on the 22nd, the Bank of Japan decided to maintain a large-scale monetary easing policy that pressed interest rates to extremely low levels. This is prioritizing support for an economy that has yet to fully recover from the COVID-19 blow. Although the rapid depreciation of the yen against the dollar has led to higher food and energy prices and added to the burden on households, Japan has not corrected the yen’s depreciation by adjusting its monetary easing policy.

Before the Bank of Japan meeting, the Federal Reserve (FRB) decided to significantly raise interest rates by 0.75%, further widening the Japan-US interest rate differential.

In the Tokyo foreign exchange market on the 22nd, the exchange rate of the yen plummeted, reaching the level since August 1998 when Japan was under the financial crisis. (Finish)

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