BoJ Minutes: Japan Economic Activity Developing As Expected
(RTTNews) - Members of the Bank of Japan's Monetary Policy Committee believe that the country's prices and economic activity are in line with expectations, minutes from the central bank's January 23-24 meeting revealed on Tuesday.
Overall inflation continues to gradually advance toward the price stability target of 2 percent, the minutes said, while Japan's exports are expected to continue to trend higher as overseas economies continue to grow.
Upon deciding to raise its benchmark lending rate, the members acknowledged that real interest rates are likely to remain negative after the policy rate hike was implemented.
At the meeting, the central bank raised its short-term interest rate to the highest in 17 years, aiming for a price stability target of 2.0 percent amidst rising wages. BoJ policy board members raised the overnight call rate to around 0.5 percent from 0.25 percent - marking the highest since the global financial crisis in 2008.
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