The BOJ also kept its ultra-loose interest rate intact and revised core consumer inflation forecast upward for the current fiscal year.
Charly Triballeau | Afp | Getty Images
The BOJ added it will offer to purchase 10-year JGBs at 1% every business day through fixed-rate operations, unless no bids are submitted — a move that effectively expands its tolerance by a further 50 basis points.said it will "continue to allow 10-year JGB yields to fluctuate in the range of around plus and minus 0.5 percentage points from the target level."
Still, the BOJ held its short-term interest rate target at -0.1% after a two-day meeting. The central bank also raised its median forecast for inflation to 2.5% for fiscal 2023 after its July meeting, up from its 1.8% prediction in April. BOJ Governor Kazuo Ueda has been under pressure to tighten its monetary policy, with inflation consistently exceeding its 2% target for 15 straight months, while wages are finally starting to increase after years of stagnation.
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