Banco do Japao preparado para mais uma rodada de Quantivative easing ...
e uma noticia ja com os dias de antecedencia mas que podera levar ate ao fdo ano a maximos no ano do indice Nikkey 225
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http://www.ft.com/cms/s/0/dc31b1d8-5262-11e3-8c42-00144feabdc0.html#ixzz2moqI31vPBank of Japan hints at extending ultra-loose monetary policy
By Ben McLannahan in Tokyo
Haruhiko Kuroda, Bank of Japan governor, has again dropped heavy hints that a fresh round of monetary easing could be on the way, should the country’s exit from deflation be threatened by a tax rise next April.
The BoJ kept its policy settings on hold for the ninth meeting in a row since April, saying it would continue buying enough assets to pump up the monetary base at a rate of about Y60tn-Y70tn ($596bn-$695bn) a year. It also maintained its generally positive view of the domestic economy, noting a pick-up in investment by businesses, “resilient” private consumption and expectations for inflation that “appear to be rising, on the whole.”
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But addressing reporters hours later, Mr Kuroda said that the BoJ “would not hesitate” to take further measures if the economy stopped moving in line with its projections. The bank “has room to act against upside and downside risks”, he said.
The two-day board meeting concluding on Thursday was the first since the government announced that Japan’s growth rate roughly halved from the second to the third quarter, thanks largely to a drop-off in net exports and private consumption.
Growth in the first half had been the highest of any developed economy, buoyed by fiscal stimulus and the profit-boosting effects of a weaker yen, driven down by the promise of a new phase of monetary easing at the Bank of Japan.
In September, the government declared an end to stagnation, saying that the economy was “on the way to recovery at a moderate pace”. It is expected to keep that assessment intact for a second month on Friday, with Akira Amari, economy minister, noting encouraging trends in industrial production, capital investment and consumer spending.
At the same time, surveys of households and bond market participants suggest that inflation expectations are climbing.
“It would appear – at least on the surface – that the ‘sticky’ deflationary psychology . . . that took root during Japan’s 15 years of deflation has finally been wiped away,” said Jun Ishii, chief fixed-income strategist at Mitsubishi UFJ Morgan Stanley.
However, there are fears that domestic demand is being pulled forward by the consumption tax increase in April. Several indices of consumer sentiment fell heavily after the prime minister’s announcement last month that the hike would go ahead as scheduled, suggesting that households are concerned about another burden on finances amid a backdrop of price rises caused by the lower yen.
An “anxiety index” published by the Nippon Research Institute, which measures how consumers view the coming 12 months in terms of the economy, employment, incomes and prices, rose to 148 in October – higher than the 145 reading last December, when Shinzo Abe returned to power vowing to shake off deflation.
Meanwhile, external conditions are not providing much support. On Thursday, the BoJ gave another airing to its concerns over the European debt problem, the stop-start US recovery and patchy growth in emerging economies.
Some analysts predict that the central bank is ready to supply more stimulus in the first few months of next year.
Recent dovish remarks from board members “could tip the balance in favour of additional easing at the earliest signs that growth and inflation are slowing”, said Izumi Devalier, economist at HSBC.
As usual, board member Takahide Kiuchi suggested on Thursday that the BoJ adopt an alternative wording for its main policy pledge, to emphasise that the radical easing programme adopted in April is an intensive measure which should run for about two years, rather than “as long as is necessary” to hit the 2 per cent target. His proposal was struck down by eight votes to one.
