BoJ holds rates steady again
By Frank Prenesti
Date: Friday 22 Sep 2023
(Sharecast News) - The Bank of Japan left its monetary policy unchanged on Friday with rates left at -0.1%, in line with expectations.
The central bank also capped the 10-year Japanese government bond yield at around zero.
New BoJ governor Kazuo Ueda has maintained that an ultra-easy monetary policy is needed until Japan sees a sustained inflation rate of 2%. The country's headline inflation figures have been stuck above this target since April 2022, with the August reading coming in at 3.2%.
"With extremely high uncertainties surrounding economies and financial markets at home and abroad, the Bank will patiently continue with monetary easing, while nimbly responding to developments in economic activity and prices as well as financial conditions," the BoJ said in its policy statement.
The bank's ultra-loose policy position contrasts sharply with that of other major economies, which have been lifting rates consistently in an attempt to stymie rampant inflation.
Reporting by Frank Prenesti for Sharecast.com
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