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CENTRAL BANK/ MONETARY POLICY ALERT

 

Contributed by Blair Baker
Foreign Exchange Analyst and Strategist
Global Capital Investment, LLC

              

 

14 July 2000
Friday

19.00 GMT

 
 
BANK OF JAPAN MEETING 
Please be advised of the following details concerning Monday’s Bank of Japan Monetary Policy Meeting:

Convenes: Monday, 0000 GMT
Sunday, 2000 EDT

Decision: Monday, 0400 – 0600 GMT+
Monday, 0000 – 0200 EDT +

GCI’s Comment: Bank of Japan’s Policy Board meeting will be the most closely watched monetary policy meeting in perhaps a decade. Speculation is rampant as to whether the central bank will raise the unsecured overnight call rate to 0.25% or leave monetary policy unchanged. Policy Board member Taketomi offered bullish comments this week when he said the "path to a positive demand-led recovery is coming into view." Fellow Policy Board member Miki, who has long been considered relatively neutral on the monetary policy front, made some hawkish comments that did not go unnoticed. "Even if we end this abnormal situation of zero interest rates…it would only be a minor adjustment on the extremely easy monetary policy," he stated. Former BoJ official Wakatsuki this week underscored the importance of a preemptive monetary tightening. Some central bank-watchers are suggesting that the bankruptcy proceedings of Sogo, the Japanese retailer that collapsed under �1.87 trillion in debt, will cause the BoJ to delay its move. Bank of Japan Governor Hayami, when asked this week if Japan’s economy was prepared for a move, replied "it’s all right." The U.S. continues to mount a campaign to discourage Japan from abandoning this "emergency policy." The G8 summit convenes in Okinawa next week and U.S. Treasury Secretary Summers will likely issue Japanese policy-related statements during the next 72 hours. Some market-watchers believe the central bank will wait until at least September to evaluate the April-June GDP data. The government and Ministry of Finance seem to have abandoned their public displeasure concerning such a move. If BoJ were to decide not to move, their credibility will be called into question after having issued a series of hawkish statements recently. In what will amounts to the closest call in quite some time, GCI believes the Policy Board will raise the unsecured overnight rate to 0.25%.
 
About Global Capital Investment LLC
Global Capital Investment, LLC is a leading provider of professionally- managed foreign exchange investment services and offers a comprehensive online foreign exchange trading/ dealing platform for individual and institutional clients.

Blair Baker, the writer of this column,  is Global Capital Investment's Foreign Exchange Analyst and Strategist.  Blair may be contacted at blairbaker@globalcap.com.

DISCLAIMER 
DISCLAIMER: Global Capital Investment’s Alert Commentary is provided for informational purposes only. The information contained in these reports is gathered from reputable news sources and is not intended to be used as investment advice. Global Capital Investment assumes no responsibility or liability from gains or losses incurred by the information herein contained.
 
 
 

 
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Last modified: April 02, 2001

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