BOJ Sticks to Easing Policy despite Rate Hikes by Peers

Economy

Tokyo, Sept. 22 (Jiji Press)--The Bank of Japan decided Thursday to keep its current massive monetary easing policy unchanged, making even more apparent its different policy stance from those of U.S. and European central banks.

At its two-day policy-setting meeting through the day, the BOJ Policy Board unanimously voted to keep its short-term policy interest rate at minus 0.1 pct and continue to guide 10-year government bond yields around zero pct.

BOJ Governor Haruhiko Kuroda told a press conference after the meeting that the BOJ is "unlikely to raise interest rates for the time being."

In a statement released after the meeting, the BOJ said the Japanese economy "has picked up as the resumption of economic activity has progressed while public health has been protected from COVID-19, despite being affected by factors such as a rise in commodity prices."

The domestic economy is "still on the way to recover from the coronavirus crisis," Kuroda said, pointing to the need to continue with monetary easing.

[Copyright The Jiji Press, Ltd.]

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