Tokyo, April 28, (dpa-AFX/GNA) – The Bank of Japan (BoJ) 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% 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-year JGB yields will remain at around 0%.
Today, the central bank raised its inflation outlook for the fiscal 2023 to 1.8% from 1.6% and the projection for the fiscal 2024 to 2% from 1.8%.
At the same time, economic growth projection for the fiscal 2023 was trimmed to 1.4% from 1.7%. Meanwhile, the outlook for the fiscal 2024 was lifted to 1.2% from 1.1%.
For the fiscal 2025, the bank forecast the economy to expand 1.0% and consumer prices to climb 1.6%.
GNA