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BOJ keeps policy steady, warns of uncertainty over Ukraine crisis fallout -Breaking

by Mike Robinson

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© Reuters. FILEPHOTO: A protective mask-wearing man walks past Bank of Japan’s headquarters amid the COVID-19 (coronavirus disease) epidemic in Tokyo. This was May 22, 2020. REUTERS/Kim Kyung Hoon

TOKYO (Reuters), – Friday’s Bank of Japan statement reiterated the Bank of Japan’s massive stimulus, warning of “very high uncertainty,” over economic fallout due to the Ukraine crisis. It also signalled its intention to remain loose on monetary policy.

It was expected that the central bank would keep unchanged the target of -0.1% for short-term rates and promise to maintain a 10-year yield of around 0%. A vote of 8-1 was required to approve the decision.

According to the BOJ, “Japan’s economic trend is increasing,” but it is important that the central bank is aware of the consequences from the War in Ukraine. The conflict is causing instability on markets and driving up the cost of raw materials, according to a statement.

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