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BoJ Minutes: Japan Economic Recovery To Continue
(RTTNews) - Members of the Bank of Japan's Monetary Policy Board said that the country's economic recovery from the COVID-19 pandemic is expected to continue to recover in 2023, minutes from the bank's October 27-28 meeting revealed on Friday.
There may be downward pressure from higher commodity prices and slowing economies overseas, the minutes said - although Japan's exports and production are expected to continue on their upward trend.
In the meantime, the minutes said, the bank will maintain its quantitative easing - even though many other countries have started to raise their interest rates - until Japan reaches its price stability target of 2 percent.
At the meeting, the BoJ kept its massive monetary policy stimulus unchanged on Friday, defying the global tightening stance and maintaining its guidance on the interest rate despite the weakening yen. The policy board unanimously decided to maintain a negative interest rate of -0.1 percent on current accounts that financial institutions maintain at the central bank.
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