The Bank of Japan defied expectations by holding its benchmark interest rate at 0.25%, opting for a wait-and-see approach amid economic uncertainties. The decision, which saw a split vote of 8-1, surprised economists who predicted a 25 basis points hike.
The Bank of Japan on Thursday held its benchmark interest rate steady at 0.25%, surprising economists polled by Reuters, who expected a 25 basis points hike.
The decision to hold rates surprised economists polled by Reuters, who had expected a 25 basis points hike.The BOJ said in its statement that the decision to hold was a split 8-1 decision, with board member Naoki Tamura advocating for a 25-basis-point hike. The BOJ's decision was in line with a CNBC poll, which showed that 13 out of 24 economists expected the BOJ to keep its key interest rate unchanged in December before raising the rate at the next meeting in January.
Thieliant added"it's worth noting that, unlike in October, the decision to leave rates on hold was not unanimous," pointing at Tamura's vote to raise rates to 0.5%., the 30th straight month that inflation has crossed the BOJ's 2% target. November's inflation data will come in on Friday.
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