Financial News: Bank Of Japan Keeps Policy Unchanged

Bank Of Japan Keeps Policy Unchanged

04/28/2023 - 01:04:00 (RTTNews)

(RTTNews) - The Bank of Japan left its monetary policy unchanged in the first rate-setting meeting chaired by Governor Kazuo Ueda on Friday.

The Policy Board unanimously decided to maintain a negative interest rate of -0.1 percent on current accounts that financial institutions maintain at the central bank.

The BoJ also unanimously decided to keep its yield curve control policy unchanged. The bank will continue to purchase a necessary amount of Japanese government bonds without setting an upper limit so that 10-yearJGB yields will remain at around zero percent.

Today, the central bank raised its inflation outlook for the fiscal 2023 to 1.8 percent from 1.6 percent and the projection for the fiscal 2024 to 2.0 percent from 1.8 percent.

At the same time, economic growth projection for the fiscal 2023 was trimmed to 1.4 percent from 1.7 percent. Meanwhile, the outlook for the fiscal 2024 was lifted to 1.2 percent from 1.1 percent.

For the fiscal 2025, the bank forecast the economy to expand 1.0 percent and consumer prices to climb 1.6 percent.

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