Tokyo, June 16 (Jiji Press)--The Bank of Japan decided to raise its policy interest rate from around 0.75 pct to around 1 pct, a level unseen in about 31 years, at a two-day meeting of its Policy Board that ended Tuesday. The board voted seven to one to raise its target for guiding the unsecured overnight call rate, Japan's benchmark short-term interbank lending rate, to the highest level since September 1995. This marks the Japanese central bank's first policy rate hike since December last year, following three consecutive policy-setting meetings at which the rate was left unchanged. BOJ Governor Kazuo Ueda, currently hospitalized for treatment of a liver cyst infection, was absent from the latest meeting and did not participate in the vote. At the same meeting, the BOJ decided to stop reducing Japanese government bond purchases next April and set the monthly purchase amount at around 2 trillion yen to avoid destabilizing the JGB market. "Japan's economy has recovered moderately, although some weakness has been seen in part," the BOJ said in a statement released after the meeting. END [Copyright The Jiji Press, Ltd.]
BOJ Decides to Raise Policy Rate to 31-Year High of 1 Pct
Tokyo, June 16 (Jiji Press)--The Bank of Japan decided to raise its policy interest rate from around 0.75 pct to around 1 pct, a level unseen in about 31 years, at a two-day meeting of its Policy Board that ended Tuesday. The board voted seven to one to raise its target for
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