1. At the Monetary Policy Meeting held today, the Policy Board of the Bank of Japan decided, by a unanimous vote, to set the following guideline for money market operations for the intermeeting period:
The Bank of Japan will conduct money market operations so that the monetary base will increase at an annual pace of about 60-70 trillion yen.
2. With regard to the asset purchases, the Bank will continue with the following guidelines:
a) The Bank will purchase Japanese government bonds (JGBs) so that their amount
outstanding will increase at an annual
Minutes of the Monetary Policy Meeting of the Reserve Bank Board
Glenn Stevens (Chairman and Governor), Philip Lowe (Deputy Governor), Martin Parkinson PSM (Secretary to the Treasury), John Akehurst, Roger Corbett AO, John Edwards, Kathryn Fagg, Heather Ridout, Catherine Tanna
Guy Debelle (Assistant Governor, Financial Markets), Christopher Kent (Assistant Governor, Economic), Jonathan Kearns (Head, Economic Analysis Department), Anthony
The Consumer Price Index (CPI) rose 1.0% in the 12 months to March, following a 1.2% increase in February.
The slower increase in the CPI was mainly the result of gasoline prices, which fell 0.3% on a year-over-year basis in March, after rising 3.9% in February. Provincially, gasoline prices declined year over year in seven provinces.
Excluding gasoline, the CPI increased 1.1% in the 12 months to March, matching the rise in February.
The 12-month change in the Consumer Price Index (CPI) and the CPI excluding gasoline