Japan's central bank keeps monetary policy unchanged
Friday, 10 30 2020, Category: Economy, Country: Asia
The Bank of Japan (BOJ) on Thursday lowered its economic growth and inflation forecasts for the current business year through March, although kept its ultra-loose monetary policy intact.
The BOJ said in its latest outlook report that it projects the economy here will contract 5.5 percent in the fiscal year 2020.
This compares to the central bank's earlier forecast that the economy will shrink 4.7 percent in the same time frame.
The central bank also said the consumer price index is forecast to decline 0.6 percent, compared to an initial forecast in July of a 0.5 percent drop.
At the end of a two-day policy setting meeting ending Thursday, the BOJ opted to maintain its short-term interest rates at minus 0.1 percent while guiding long-term rates at around zero percent.