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Bank of Japan to continue stimulus

USDJPY News by Newsroom on 23:48 July 28, 2016 EST

The Bank of Japan will continue with its stimulus of the Japanese economy but it does not cut deposit rates already in negative territory.

The central bank maintains monetary policy program at 80 trillion target while doubles USD lending program to $24 Billion and expands ETF purchases by ¥6 trillion. It also establishes a new facility to lend Japanese government securities.

The BoJ statement says they expect to get 'synergy' benefits alongside the government's efforts.

Yen stronger against all majors and hits 2-week highs against the dollar after the release and stocks lower while gold in demand as markets finds the stimulus not good enough though Japanese banking shares surge post-BOJ as policy rate KEPT at -0.10%.