BoJ committed to double monetary base in 2 years

FXstreet.com (Barcelona) - In an unprecedented short statement on Monetary Policy 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" the BoJ stated.

Bank of Japan continues its pledge to double the monetary base in 2 years.

There was no mention to price guidance, which should be seen as a slight disappointment by the market as the central bank fails to commit to provide a timeframe, which may suggest lack of clarity on when the 2% inflation target may be achieved.