Tokyo – The Bank of Japan on Thursday warned of increasing downside risks for the global economy but held off on further easing, even as European and US peers loosen their credit grip.
But it warned of headwinds including the prolonged trade war between the US and China, and Britain possibly leaving the European Union without a divorce deal.“Given that, recently, slowdowns in overseas economies have continued to be observed and their downside risks seem to be increasing, the Bank judges that it is becoming necessary to pay closer attention to the possibility that the momentum towards achieving the price stability target will be lost,” it said in a post-meeting statement.
Those figures are far short of the 2% the BoJ has set as its target — a figure seen as key to fueling the world’s third-largest economy. A further cut in its already negative interest rate is “bound to have a detrimental impact on financial institutions and the financial system”, Oshikubo said in a note released before the policy decision.
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