Financial News: BoJ Cautious On Rate Hike Timing, October Summary

BoJ Cautious On Rate Hike Timing, October Summary Shows

11/11/2024 - 06:07:00 (RTTNews)

(RTTNews) - The Bank of Japan board members said they need to be cautious on the timing of future rate hike, a summary of opinions showed on Monday.

"As the Bank has been expecting to raise the policy interest rate at a moderate pace, it has time to monitor the future course of the U.S. economy, including that after the presidential election," one member was quoted as saying at the October monetary policy meeting.

Another member said it is necessary to take time and exercise caution when raising the policy interest rate.

One board member said the BoJ should communicate effectively its core message that "if the outlook for economic activity and prices will be realized, the BoJ will continue to raise the policy interest rate accordingly."

At the October meeting, the board had maintained the key rate at around 0.25 percent, which was the highest since late 2008.

The bank had ended its negative interest rate policy in March and last lifted the benchmark rate in July to the current level.

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