FILE PHOTO: A man wearing a protective mask walks past the headquarters of Bank of Japan amid the coronavirus disease outbreak in Tokyo, Japan, May 22, 2020.REUTERS/Kim Kyung-Hoon
As widely expected, the BOJ maintained its targets under yield curve control at -0.1% for short-term rates and around 0% for 10-year bond yields. It also upgraded its assessment on capital expenditure to say it was bottoming out, and projected exports to increase broadly thanks to robust overseas demand.
Many analysts had expected the BOJ to hold fire ahead of the bank’s review of its policy tools scheduled in March, which aims to make them more sustainable as Japan braces for a prolonged battle with COVID-19. “There is a high possibility the BOJ will slow its ETF buying,” said Shinichiro Kobayashi, senior economist at Mitsubishi UFJ Research and Consulting.
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