Bank of Japan Holds Steady on Interest Rates Amid Economic Forecast Evaluations
The Bank of Japan decided to maintain its current interest rates while keeping a close watch on economic projections. Despite dissent from two board members advocating for higher rates, the central bank is cautious about future increases. Governor Kazuo Ueda will elaborate on this decision in an upcoming news conference.
- Country:
- Japan
The Bank of Japan refrained from increasing interest rates on Thursday, reiterating its commitment to adjust borrowing costs if economic growth aligns with its forecasts.
The central bank kept short-term interest rates steady at 0.5%, a move anticipated by many. However, board members Naoki Tamura and Hajime Takata opposed the decision, echoing their previous suggestions from September to raise rates to 0.75%.
BOJ Governor Kazuo Ueda is set to hold a news conference at 3:30 p.m. (0630 GMT) to elucidate the rationale behind maintaining the current rate.
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