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Bank of Japan Keeps Monetary Policy Settings Unchanged

January 24, 2012 by CentralBankNews   Comments (0)

The Bank of Japan held its interest rate at 0-0.10% and made no changes to its 55 trillion yen quantitative easing program.  The Bank said: "Japan's economic activity has been more or less flat, mainly due to the effects of a slowdown in overseas economies and the appreciation of the yen.  As for domestic demand, business fixed investment has been on a moderate increasing trend and private consumption has remained firm.  On the other hand, exports and production have remained more or less flat, due to the slowdown in overseas economies and the yen's appreciation as well as the remaining effects of the flooding in Thailand.  Meanwhile, although global financial markets remain under heavy strain, financial conditions in Japan have continued to ease."

At its December meeting the Bank of Japan held policy settings unchanged, after it expanded its asset purchase program in October by another 5 trillion yen to 55 trillion yen, and previously announced additions to its quantitative easing program during its August meeting.  The Bank had previously changed its asset purchase program in March this year, when it added a further 5 trillion yen to its target.  Japan reported annual headline consumer price inflation of 0% in October and September, down from 0.2% in both August, July and June, and 0.3% in both May and April.  

The Bank is forecasting real 
GDP growth of -0.4 to -0.3% in fiscal 2011, 1.8-2.1% in fiscal 2012, and 1.4-1.7% in fiscal 2013.  Meanwhile, nominal quarterly GDP growth in Japan was recorded at 1.4% in September, -0.5% in June and -1.7% in March.  The Japanese Yen (JPY) has gained around 7% against the US dollar over the past year; the USDJPY exchange rate last traded around 77.02

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CRISIL joins FINCAD Alliance Program

January 23, 2012 by FINCAD   Comments (0)

[01/23/2012] CRISIL Global Research and Analytics and FINCAD announced that CRISIL has joined the FINCAD Alliance Program.

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Bank of Israel Cuts Interest Rate 25bps to 2.50%

January 23, 2012 by CentralBankNews   Comments (0)

The Bank of Israel cut its benchmark interest by 25 basis points to 2.50% from 2.75% previously.  The Bank said "The decision to cut the interest rate to 2.5 percent for February is consistent with the interest rate policy aimed at keeping inflation within the price stability target range and is intended to support real economic activity, against the background of the slowdown in global demand."

Previously the Bank paused, after cutting its monetary policy interest rate 25 basis points in November and September, leaving it unchanged at its June, July, and August meetings, and increasing the interest rate by 25 basis points to 3.25% at its May meeting this year.  Israel recorded annual inflation of 2.6% in November, 2.7% in October, 2.9% in September, 3.4% in August and July, 4.2% in June, 4.1% in May, and 4.0% in April and just inside the Bank's inflation target range of 1-3%.

The Bank expects the Israeli economy to grow about 2.8 percent this year.  The Israeli Shekel (ILS) has weakened about 5% against the US dollar over the past year, while the USDILS exchange rate last traded around 3.77.  The Bank next meets on the 27th of February 2012.

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The future of capitalism

January 23, 2012 by skinnercm   Comments (0)

It’s Davos time, as usual.