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BoJ Minutes: Economic Recovery Likely In Middle Of Fiscal 2023
(RTTNews) - Members of the Bank of Japan's Monetary Policy Board said that the country's economy has picked up, minutes from the board's meeting on June 15 and 16 revealed on Wednesday.
Despite higher commodity prices, the economy is expected to recover by the middle of fiscal year 2023, the minutes said - although many uncertainties, especially from overseas, remain.
The members said they intend to keep the current level of monetary easing in place until inflation hits the central bank's target of 2 percent.
At the meeting, the BoJ unanimously voted to maintain a negative interest rate of 0.1 percent on current accounts that financial institutions maintain at the central bank.
The board also decided to continue to purchase a necessary amount of Japanese government bonds without setting an upper limit so that 10-year JGB yields will remain at around zero percent.
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