The Bank of Japan held off on expanding stimulus on Tuesday but signaled its rea...
TOKYO - The Bank of Japan held off on expanding stimulus on Tuesday but signaled its readiness to do so “without hesitation” if a global slowdown jeopardizes the country’s economic recovery.
“Today, we went a step forward by saying we’ll take additional easing steps without hesitation if there is a risk the economy will lose momentum for hitting our price target,” BOJ Governor Haruhiko Kuroda told a news conference after the decision. But the central bank added a line in its policy statement that it will take additional easing steps without hesitation “if there is a greater chance the momentum for hitting its price target is lost.”
The decision on maintaining its interest rate targets was made by a 7-2 vote, with board members Goushi Kataoka and Yutaka Harada dissenting. Kataoka said the BOJ should ease further by cutting its short term rate target.In a quarterly review of its long-term projections, the BOJ slightly trimmed its inflation forecasts for the current fiscal year ending in March 2020, and the following year.
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