TOKYO: The Bank of Japan kept interest rates steady on Thursday, underscoring policymakers’ preference to spend more time scrutinising whether wage hikes will broaden and keep inflation durably around its 2% target.
As widely expected, the board decided to keep the BOJ’s short-term policy rate unchanged at 0.25% by an 8-1 vote, with board member Naoki Tamura dissenting. BOJ Governor Kazuo Ueda is expected to hold a press conference at 3:30 p.m. (0630 GMT) to explain the policy decision.
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The BOJ also released its findings on the merits and cost of various unconventional monetary easing tools used in its 25-year battle with deflation, in another symbolic step towards ending its massive stimulus.
The policy review was initiated by Ueda when he took office in April last year.
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