TOKYO, Japan—The Bank of Japan stuck to its ultra-loose monetary policy Friday, though officials face increasing pressure to turn more
While most other major central banks have pressed ahead with a campaign of interest rate hikes in a bid to tame prices, the BoJ has refused to shift from its long-term program, of sub-zero borrowing costs in order to kickstart the world’s number three economy.
The CPI reading of 3.1 percent excluding just fresh food came in slightly above the three percent forecast in a survey by Bloomberg. Analysts have said BoJ’s outlier policy is harming the economy by skewing the bond market and exacerbating the yen’s weakness, in turn making imports more expensive. This has prompted speculation that the BoJ may intervene in forex market to provide support to the currency, having done so in November for the first time since 1998.Among key items in the CPI reading, mobile phone fees, hotel prices, and fire and earthquake insurance saw increased prices, the ministry said.
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