Economy

BOJ raises inflation expectations, maintains ultra-low rates by Stocksak


© Stocksak. A man walks past the Bank of Japan headquarters in Tokyo, Japan, on June 17, 2022. REUTERS/Kim Kyung-Hoon

TOKYO, Stocksak – The Bank of Japan raised Friday’s inflation forecasts but maintained extremely low interest rates. It remains a dovish exception in a global wave of central banking tightening their monetary policy.

As expected, the BOJ maintained its -0.1% target short-term interest rates and 0% for the 10-year bond yield.

It also maintained its dovish policy guidance, which pledges to increase stimulus as necessary and projects that short-term and long-term interest rate will move at “current and lower levels.”

The central bank released its quarterly review of projections on Friday. They said that core consumer inflation is expected to reach 2.9% in current fiscal year ending March 2023 and 1.6% in next year. It projects that inflation will reach 1.6% in fiscal 2024.

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