Japan’s central bank kept its key interest rate unchanged and held off on new easing steps yesterday, saying the economy is improving.
The Bank of Japan’s policy board voted unanimously to keep its overnight call rate at a super-low 0.1 percent. The bank has not tweaked that rate since December 2008.
The central bank described the economy as “picking up” due to expanding overseas demand and stimulus steps. It expects moderate growth for the time being and the expansion to accelerate once the corporate recovery spills over to households.
It acknowledged, however, that momentum is still too weak to drive a self-sustaining recovery in consumer demand at home.
The decision was widely expected after a key central bank report last week confirmed improving corporate morale. The quarterly TANKAN survey of business sentiment showed confidence rose for the fourth straight quarter amid growing faith in the global recovery.
The data affirmed the Bank of Japan’s relatively upbeat view of Japan’s economy, giving justification to stay put after loosening policy last month.
Board members yesterday pledged to maintain an “extremely accomodative financial environment.”
“The bank recognizes that it is a critical challenge for Japan’s economy to overcome deflation and return to a sustainable growth path with price stability,” the bank said in a statement.
“To this end, the bank will continue to consistently make contributions as a central bank,” the bank said.
In Washington, The US Federal Reserve is mulling its exit strategy from massive economic support measures but has put off any decision, minutes of the latest policy-setting meeting showed on Tuesday.
The Federal Open Market Committee (FOMC) “discussed possible approaches for formulating and communicating key elements of its strategy for removing extraordinary monetary policy accommodation at the appropriate time,” minutes from the March 16 meeting said.
“No decisions about the committee’s exit strategy were made at this meeting, but participants agreed to give further consideration to these issues at a later date,” the minutes said.
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