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Bank of Japan maintains its dovish stance as the rest of the world implements rapid rallies


Kiyoshi Ota | Bloomberg | beautiful pictures

The Bank of Japan left interest rates unchanged on Friday, maintaining an outlier level compared with its hawkish global peers that are conducting massive rate hikes.

The central bank also said it would buy the necessary amount of fixed-rate Japanese government bonds to keep the 10-year JGB yield at 0%.

The announcement was in line with the predictions of economists in a Reuters poll, who expected no change to the central bank’s monetary policy despite the Japanese currency fluctuating at a 32-year low.

“The Bank will provide financial support, mainly to companies, and maintain stability in financial markets, and will not hesitate to implement additional easing measures if needed,” it said in a statement. its monetary policy statement.

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Officials have remained tight-lipped about reports that Japan has launched a second intervention to protect its currency. Analysts say a unilateral move is likely to be limited and the currency could continue to weaken further against the dollar and even hit 170 next year.

Deputy Finance Minister for International Affairs Masato Kanda speak US Treasury Secretary Janet Yellen respects Japan’s policy of not disclosing whether it intervenes in the foreign exchange market.

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