Highlights
The Bank of Japan's nine-member board minus Governor Kazuo Ueda is scheduled to begin its two-day policy meeting at 1400 JST on Monday, June 15 (0500 GMT/0100 EDT the same day). On the first day, board members will compare notes on the economic and financial conditions in Japan and overseas for about two hours. They will discuss the conduct of monetary policy on the second day from 0900 JST (0000 GMT June 16, which is 2000 EDT June 15) for over two hours.
The bank is expected to announce the results of the meeting sometime between 1120 and 1300 JST on Tuesday, June 16 (0220 GMT and 0400 GMT the same day/2220 EDT Monday, June 15 and 0000 EDT Tuesday, June 16). The previous two-day meeting on April 27-28 ended at 1157 JST (0257 GMT/2257 EDT) and the BOJ released the statement at 1204 JST (0304 GMT/2304 EDT).
Ryozo Himino, one of the two deputy governors, will chair the meeting. Governor Ueda will miss the meeting for medical treatment. The governor will submit his opinions in writing but will not vote. Ueda, 74, is expected to be hospitalized for about two weeks from June 9, when a liver cyst infection was found during a routine physical checkup.
Shinichi Uchida, the other deputy, will hold a post-meeting news conference in place of Ueda for about an hour from 1530 JST on Tuesday, June 16 (from 0630 GMT/0230 EDT until 0730 GMT/0330 EDT the same day).
Definition
The Bank of Japan’s nine-member policy board holds eight two-day Monetary Policy Meetings a year, in January, March, April, June, July, September, October and December. At each meeting, the board votes on the proposals on the bank’s monetary policy stance and the basic guideline on how to achieve the policy target submitted by the chair of the board, who is the bank governor. The board also votes on any proposals from other members. The first day of the meeting starts at 1400 JST and ends around 1600 JST. On the second day, the meeting begins at 0900 JST but no end time is set. It usually lasts for two and a half to three hours and can go on for a few more hours.
Description
Markets can move going into each meeting on expectations for a shift in the bank’s policy stance or tweaking of policy tools. If the meeting lasts longer than usual, speculation for a possible change in policy may arise in the markets.