BOJ hikes interest rates by 15 bps; to halve bond purchases by 2026
Investing.com-- The Bank of Japan raised interest rates by 15 basis points on Wednesday and said it will gradually halve its pace of monthly bond purchases by 2026 as it winds down its ultra-dovish policy and quantitative easing measures.by 15 basis points to a range of 0.1% to 0.25%. Market expectations were split between a hold and a potential hike of 10-15 basis points.
pair- which gauges the amount of yen needed to buy one dollar- rising 0.3%. Weakness in the yen came as some traders were disappointed with the BOJ’s extended timeline in winding down its QE measures, as well as its soft near-term outlook for the Japanese economy. This forecast had driven the BOJ’s first rate hike in 17 years in March, where it brought rates into positive territory after nearly a decade of ultra-loose policy.Still, the Japanese economy was nursing a sharp contraction in the first quarter of 2024, which raised doubts over just how much headroom the BOJ has to tighten policy further.
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