Bank of Japan Holds Rates at 0.75 Percent Amid Price Risks
The Bank of Japan kept rates at 0.75 percent on Thursday. Governor Ueda warned that oil costs and a weak yen could fuel inflation, requiring policy vigilance.
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The central bank of Japan elected to maintain its short-term interest rate at 0.75% during its two-day policy meeting concluding Thursday. Despite the decision to hold, Governor Kazuo Ueda issued a cautionary note regarding the conflict in the Middle East, suggesting that rising oil costs could potentially drive underlying inflation higher. While the majority of the board supported the status quo, hawkish member Hajime Takata repeated a previously unsuccessful proposal to increase the policy rate to 1.0%.
