The Bank of Japan on Wednesday maintained ultra-low interest rates, including a bond yield cap it was struggling to defend, defying market expectations it would phase out its massive stimulus programme in the wake of rising inflationary pressure.
ultra-low interest rates, including a bond yield cap it was struggling to defend, defying market expectations it would phase out its massive stimulus programme in the wake of rising inflationary pressure.
At a two-day policy meeting, the BOJ kept intact its yield curve control targets, set at -0.1% for short-term interest rates and around 0% for the 10-year yield, by a unanimous vote. "It's been not long since we decided on our measures in December. It will likely take some more time for the measures to start having an effect in fixing market function. With our flexible market operations, however, we expect market function to improve ahead.""Japan's economy is likely to grow above its potential for three straight years. This means wages and prices will be pushed up by robust demand ...
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