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Financial News: Bank Of Japan Voted 8-1 To Maintain Monetary

Bank Of Japan Voted 8-1 To Maintain Monetary Stimulus

09/21/2017 - 02:25:00 (RTTNews)

(RTTNews) - The Bank of Japan maintained its monetary stimulus but a new member voted against the decision, as he demanded more easing, on Thursday.

The BoJ policy board, led by Governor Haruhiko Kuroda, voted 8-1 to hold the central bank's target of raising the amount of outstanding Japan government bond holdings at an annual pace of about JPY 80 trillion.

The BoJ board also voted to retain the -0.1 percent interest rate on current accounts that financial institutions maintain at the bank.

The central bank said it will purchase government bonds so that the yield of 10-year JGBs will remain at around zero percent.

Goushi Kataoka sought additional stimulus as he assessed that the possibility of inflation rising toward 2 percent from 2018 onward was low at this point. He joined the BoJ board in July.

The bank remained upbeat about the economy. The BoJ said the economy is likely to continue its moderate expansion.

The bank said annual inflation is likely to continue on an uptrend and increase toward 2 percent, mainly on the back of an improvement in the output gap and a rise in inflation expectations.

The BoJ's views on inflation remain too upbeat, Marcel Thieliant, a senior economist at Capital Economics, said.

Further reductions in the bank's inflation forecasts in the next outlook report, due next month, are all but guaranteed, the economist noted. The upshot is that policy tightening remains unlikely for the foreseeable futured, Thieliant added.

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