BOJ Maintains Overnight Call Rate at 0% to 0.1% - 9.8.2012

The Bank of Japan at its Monetary Policy Statement earlier today stated that maintains the Overnight Call Rate at around 0 to 0.1 per cent. Moreover, the central bank held it asset-purchase fund at 45 trillion yen and lending facility at 25 trillion yen totaling to an asset purchase program of 70 trillion yen. It was reported that the Japanese economy has started picking up moderately but the annual CPI is around 0 per cent and is expected to remain around that level for the time being. Concerning risks for the Japanese economy, there remains uncertainty for the global economy mainly due to the European debt crisis. The Japanese Yen, immediately after the BOJ Monetary Policy Statement, gained ground, the USDJPY spiked down to 78.28 from 78.47, however the pair soon after recovered, rallying to 78.50 and trading around that level for the time being.