"Interest rates to most borrowers nonetheless have been somewhat lower than average. The Board judges that with growth likely to be around trend and inflation close to target over the coming year, it is appropriate for interest rates to be closer to average. Today’s decision is a further step in that process." [read full statement at rba.gov.au]The Bank of Japan left its overnight rate at 0.1%. Here are some quotes from the monetary policy statement.
"The Bank of Japan will encourage the uncollateralized overnight call rate to remain at around 0.1 percent."Interesting movement going on in AUD and JPY pairs from 12:30-3:30a. You can see the various uptrends, downtrends, channels and triangles. I want to see how oil and gold react as well. Chart source: FreeStockCharts.com.
"The Bank recognizes that it is a critical challenge for Japan's economy to overcome deflation and return to a sustainable growth path with price stability. To this end, the Bank will continue to consistently make contributions as central bank. In the conduct of monetary policy, the Bank will aim to maintain the extremely accommodative financial environment." [read full statement at boj.or.jp PDF]
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Australia raises interest rate to 4.25% (FT Alphaville)
BOJ Keeps Rate at 0.1%, Says Recovery Remains Intact (BusinessWeek)