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BOJ Keeps Massive Monetary Easing Policy Unchanged

BOJ Keeps Massive Monetary Easing Policy Unchanged

   Tokyo, June 17 (Jiji Press)--The Bank of Japan decided Friday to keep its massive monetary easing policy unchanged, in stark contrast to recent monetary tightening moves by the U.S. Federal Reserve and other major central banks.
   At a two-day meeting of its Policy Board that ended the same day, the BOJ decided to continue its yield curve control scheme to guide the yield on the benchmark 10-year Japanese government bond issue around zero pct while imposing a short-term policy interest rate of minus 0.1 pct.
   The Japanese central bank also maintained its forward guidance on monetary policy bias, which hints at the possibility of lowering interest rates in the future.
   In a statement released after the Policy Board meeting, the BOJ said, "Japan's economy is likely to recover...although it is expected to be under downward pressure stemming from the rise in commodity prices."
   Furthermore, the central bank said, "It is necessary to pay due attention to developments in financial and foreign exchange markets and their impact on Japan's economic activity and prices."

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AFP-JIJI PRESS NEWS JOURNAL


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