BOJ Keeps Ultra-Loose Policy Intact, Cuts Inflation Forecast

Reuters01-23

TOKYO, Jan 23 (Reuters) - The Bank of Japan on Tuesday kept ultra-low interest rates intact in a widely expected move, as it awaits more data on whether wage growth will accelerate enough to keep inflation sustainably around its 2% target.

It lowered its forecast for growth in core consumer prices for the coming fiscal year starting in April, to 2.4% from the 2.8% board members forecast in October.

At the two-day meeting that ended on Tuesday, the BOJ maintained a 0.1% interest charged on financial institutions' excess reserves, and a 0% target for the 10-year government bond yield around 0% set under its yield curve control (YCC) policy.

It also maintained a 1.0% upper bound for the 10-year yield.

BOJ Governor Kazuo Ueda is expected to hold a press conference to explain the decision at 3:30 p.m. (0630 GMT).

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