Bank of Japan leaves its short-term rate at 0.5%. The Bank BOJ raised short-term rates to 0.5% from 0.25% in January, its highest level since 2008.
From today's statement:
This is an interesting point, "Underlying inflation expected to align with the BoJ’s price target in the latter half of the three-year outlook period". Am I reading that right, the inflation target is expected to be hit from around 18 months time? If yen bulls are waiting for the Bank of Japan to sound hawkish this doesn't sound like it. On the other hand, Japan CPI data has been around or higher than the 2% target for a year plus now!
More:
Exports and industrial output showing little momentum.Japan's economy expected to continue growing above potential.High uncertainty remains over economic and price outlook.Key risks include global trade policies and their impact on overseas economies and inflation.The full text is here
USD/JPY is a little lower on the BoJ statement:
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