The Bank of Japan kept monetary policy steady on Thursday, preferring to save it...
TOKYO - The Bank of Japan kept monetary policy steady on Thursday, preferring to save its dwindling ammunition as a darkening global growth outlook prompts other major central banks to drop hints of additional stimulus.
As widely expected, the BOJ maintained its short-term rate target at -0.1% and a pledge to guide 10-year government bond yields around zero percent. Central banks across the globe are tilting towards easing as the escalating U.S.-China trade war adds pressure on the slowing world economy. Some analysts say the BOJ could strengthen its forward guidance and pledge to keep current ultra-low rates longer than it promises to do so now, if future Fed rate cuts trigger an unwelcome yen spike that hurts Japan’s exports.
At its previous rate review in April, the BOJ adopted a forward guidance that pledges to keep current ultra-low rates at least until around spring of next year.
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