BOJ lifts rates, outlines plan to trim bond purchases

Quick Summary:

TOKYO :The Bank of Japan raised interest rates in a mostly unexpected move on Wednesday and unveiled a detailed plan to slow its massive bond buying, taking another step towards phasing out a decade of huge stimulus.

In a quarterly outlook report released on Wednesday, the BOJ roughly maintained its projection made in April that inflation would stay around 2 per cent through fiscal 2026.

The decision, which defied dominant market expectations for the BOJ to stand pat on rates, takes its short-term policy rate to levels unseen since 2008.

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Category: EconomyBusiness

Markets: SingaporeJapanMali

Topics: Policy Prices Cent Wednesday Japan Ueda Rates Inflation Monetary Interest Bank

Source Website Secure: Yes (HTTPS)

News Sentiment: Negative

Fact Checked: Legitimate

Article Type: News Report

Published On: 2024-07-31 @ 06:04:37 (14 hours ago)

News Timezone: GMT +8:00

News Source URL: channelnewsasia.com

Language: English

Article Length: 792 words

Reading Time: 5 minutes read

Sentences: 30 lines

Sentence Length: 27 words per sentence (average)

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Copyright Owner: © Channel News Asia

News ID: 21868736

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