Although the Bank of Japan is not a governmental administrative body, monetary policy is considered to belong to the administrative category, and is regarded as being in accordance with the Independent Administrative Committee. While long-term price stability is macroeconomically important, the political sector tends to prefer to adopt a short-term approach, so autonomy from the perspective of long-term public interest security and political neutrality Independence is recognized.
BoJ Monetary Base y/y reflects a change in the total amount of JPY in circulation (including coins and banknotes) and on all bank accounts including the accounts of credit organizations in the country's central bank in the specified month compared to the same month of the previous year.
The monetary base is used to generate the money supply. It measures the fluctuations in the total amount of current accounts held by the local currency and Japan banks in circulation. This index defines the country's inflation: as the supply of money increases, additional expenditure occurs and it leads to inflation. The index value above the predicted value is considered positive for the Japanese yen.
The Bank of Japan has rapidly increased the supply of Japanese yen, but it did not result in inflation. Many Japanese tend to save money, and in particular the elderly tend to prefer cash savings, which are called “Tansu Yokin”. Japan is a cash-based country compared to other developed countries, but in recent years the government has supported the move towards cashlessness.
The chart of the entire available history of the "Bank of Japan (BoJ) Monetary Base y/y" macroeconomic indicator. The dashed line shows the forecast values of the economic indicator for the specified dates.
A significant deviation of a real value from a forecast one may cause a short-term strengthening or weakening of a national currency in the Forex market. The threshold values of the indicators signaling the approach of the critical state of the national (local) economy occupy a special place.
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