• maintains short-term interest rate target at -0.1%
• maintains 10-year jgb yield target around 0%
• decision on yield curve control made by 8-1 vote
• board member Kataoka opposes decision on yield curve control

Quarterly report:

• Japan’s economy likely to improve as a trend
• consumer prices to fall for time being
• consumer prices to turn positive as economy improves, gradually accelerate pace of increase
• there is extremely high uncertainty over economic, price outlook
• risks to Japan’s economic, price outlook skewed to downside
• medium-, long-term inflation expectations to hover on a weak note, but resume uptrend as prices gradually rise
• Japan’s financial intermediation may stagnate if financial institutions’ profits come under prolonged pressure from covid-19
• BOJ will take additional easing steps without hesitation as needed with eye on impact of covid-19 on economy

Forecasts:

Real gdp median forecast for fiscal 2020/21 at -5.5% vs -4.7% in July

• real gdp median forecast for fiscal 2021/22 at +3.6% vs +3.3% in July
• real gdp median forecast for fiscal 2022/23 at +1.6% vs +1.5% in July

Core cpi median forecast for fiscal 2020/21 at -0.6% vs -0.5% in July

• core cpi median forecast for fiscal 2021/22 at +0.4% vs +0.3% in July
•  core cpi median forecast for fiscal 2022/23 at +0.7% vs +0.7% in July

Headlines via Reuters

Full text:

• Statement on Monetary Policy 
• Outlook for Economic Activity and Prices (October 2020, The Bank’s View)