World Economy

BOJ Keeps Policy Steady

BOJ Keeps Policy SteadyBOJ Keeps Policy Steady

The Bank of Japan (BOJ) has decided to hold off on expanding monetary stimulus during a meeting on Thursday, keeping its plan to expand the monetary base at JPY80t ($673b) annual pace, Asia First reported. Voting 8-1, BOJ board members decided to refrain from boosting monetary stimulus, with one board member, Takahide Kiuchi, urging the country’s central bank to cut its purchases of government bonds and risky assets to JPY45t annually. Later Sunday, the BOJ is expected to present updated inflation and growth forecasts, followed by a press conference by BOJ Governor Haruhiko Kuroda. The Yen strengthened after the decision, rising to JPY118.72 against the dollar from JPY118.90 an hour prior to the announcement.