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In the post-meeting press conference, the BoJ Governor Haruhiko Kuroda was noted saying that it is essential to continue current powerful monetary easing and fewer ETF purchases in August doesn’t mean a shift in policy.

Key quotes:

   “¢   Will maintain the low-yield environment for an extended period.
   “¢   Have maintained YCC policy, 10-year JGB yields target in this meeting.
   “¢   Japan’s economy is expanding moderately and global growth is also continuing.
   “¢   Expects the domestic economy to keep expanding and foresees a positive economic cycle going forward.
   “¢   Too soon to assess effects from July changes on JGBs as summer period generally has less trading activity.
   “¢   Expects CPI to pick up towards 2% target.

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