The Bank of Japan maintained ultra-easy monetary policy on Friday despite stronger-than-expected inflation, as it focuses on supporting a fragile economic recovery amid a sharp slowdown in global growth.
The central bank also kept intact a pledge to "patiently" sustain massive stimulus to ensure Japan sustainably achieves its 2% inflation target accompanied by wage hikes.
The yen's renewed sharp declines, which drew verbal warning from the finance minister, may also keep inflation elevated and put the BOJ's ultra-low interest rates under the spotlight. As widely expected, the BOJ maintained its -0.1% short-term interest rate target and a 0% cap on the 10-year bond yield set under its yield curve control policy.
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