Bank of Japan governor Kazuo Ueda gestures as he speaks during a press conference following a monetary policy meeting at the Bank of Japan’s headquarters in Tokyo on July 28, 2023. The Bank of Japan on July 28 eased its grip on its ultra-loose monetary policy in a small step towards normalisation as inflation accelerates and the yen comes under pressure against other major currencies. (Photo by JIJI Press / AFP) / Japan OUT (Photo by STR/JIJI Press/AFP via Getty Images)
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The Bank of Japan expectedly retained its ultra-loose monetary policy at its first meeting this year.
The BOJ decided unanimously to keep interest rates at -0.1%, and stuck to its yield curve control policy that keeps the upper limit for 10-year Japanese government bond yield at 1% as a reference, according to a policy statement released Tuesday.
All the economists surveyed by Reuters expected the Japanese central bank to maintain its negative rate policy this month, this makes the BOJ the world’s only central bank with negative rates.
Governor Kazuo Ueda also stayed relatively dovish in comments made in a December speech.
This is a developing story. Please check back for more updates.
