BOJ keeps policy steady, nudges up economic growth forecasts
TOKYO - The Bank of Japan kept monetary policy steady and nudged up its economic growth forecasts on Tuesday, as the government’s stimulus package and receding pessimism over the global outlook took some pressure off the central bank to top up stimulus.
Markets will now scrutinize BOJ Governor Haruhiko Kuroda’s post-meeting briefing for clues on how his views on the pros and cons of his stimulus could affect policy decisions this year. “Given that the yen has stabilized and other major central banks are pausing on policy, there’s no reason for the BOJ to take action for the time being,” said Toru Suehiro, senior market economist at Mizuho Securities.
The central bank also upgraded its growth estimate for fiscal 2021, but largely maintained its price forecasts that show inflation missing its 2% target through early 2022. The world’s third-biggest economy ground to a near halt in July-September and is likely to have contracted in the final quarter of last year as the U.S.-China trade war knocked exports.
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