Forexpros – The Bank of Japan kept its benchmark interest rate unchanged, in a widely expected move, it announced on Wednesday.
In a statement, the BoJ said it was keeping its benchmark interest rate unchanged between a range of 0.0% to 0.1%, broadly in line with expectations.
A statement on monetary policy released after the announcement showed that the Bank of Japan’s nine-man policy board voted unanimously to maintain the interest rate at its current level.
The BoJ also kept unchanged a JPY10 trillion yen fund to buy assets such as corporate bonds and exchange-traded funds.
“The bank commits itself to the continuation of the virtually zero interest rate policy until it judges that price stability is in sight on the basis of the understanding of medium to long-term price stability,” the central bank said in its statement accompanying the rate decision.
The BoJ kept its view that the economy “is expected to return to a moderate recovery path from” September onward.
Following the decision, the yen was up against the U.S. dollar, with USD/JPY shedding 0.47% to trade at 77.29.
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