Japan's top government spokesman on Tuesday expressed hope that the Bank of Japan will work together with the government to combat decades-long deflation, after the central bank overhauled its unprecedented monetary easing framework. "We hope that the BOJ will continue to closely communicate with the government and manage monetary policy in a proper manner," Chief Cabinet Secretary Yoshimasa Hayashi said at a press conference. Earlier in the day, the BOJ scrapped its negative interest rate policy, and decided at its two-day meeting to guide short-term interest rates within a range of zero and ...
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Bank of Japan Governor Kazuo Ueda said Tuesday further rate hikes will depend on how the economic and price situations develop, but that aggressive hikes will be unlikely given the current environment. Speaking at a press conference after the BOJ decided to end its negative interest rate policy with its first increase in 17 years, Ueda said the decision to depart from unorthodox monetary policy reflects the BOJ's growing confidence about the prospect of the 2 percent inflation target being achieved stably and sustainably. The BOJ also scrapped its program to keep long-term Japanese government ...
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The U.S. dollar climbed past 150 yen Tuesday in Tokyo on yen selling fueled by expectations that the Bank of Japan will likely maintain an accommodative stance despite ending its negative interest rate policy. Stocks erased earlier losses and ended higher, with the Nikkei benchmark finishing at a two-week high above the 40,000 threshold, as a weaker yen boosted export-related issues. The dollar climbed by around 1 yen after the BOJ's widely expected decision, which marks a major shift from the central bank's powerful monetary easing policy that had been in place for years, while it noted accom...
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The following is a chronology of major events related to the Bank of Japan's monetary policy. February 2007 -- BOJ raises policy rate to 0.5 percent from 0.25 percent. October 2008 -- BOJ cuts interest rate to 0.3 percent after U.S. investment bank Lehman Brothers Holdings Inc. collapses. October 2010 -- BOJ shifts to zero interest rate policy by guiding overnight call rate within range of zero percent and 0.1 percent. March 2013 -- Haruhiko Kuroda becomes BOJ chief. April 2013 -- BOJ introduces "quantitative and qualitative easing" as part of "Abenomics" policy mix. It vows to double monetary...
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The U.S. dollar briefly climbed near the 150 yen line Tuesday in Tokyo after the Bank of Japan decided to end its negative interest rate policy as widely expected by the market. The U.S. currency, trading in the lower 149 yen range in the morning, rose to around 149.90 yen after the BOJ announcement.
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The Bank of Japan on Tuesday decided to scrap its negative interest rate policy, in a significant step away from the central bank's unprecedented monetary easing framework of the past decade that was intended to end deflation.
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Tokyo stocks were mixed Tuesday morning, as investors locked in gains following surges the previous day, while many awaited the results of the Bank of Japan policy meeting. The 225-issue Nikkei Stock Average fell 144.15 points, or 0.36 percent, from Monday to 39,596.29. The broader Topix index was up 6.31 points, or 0.23 percent, at 2,728.30. The U.S. dollar moved little in the lower 149 yen range as market participants took a wait-and-see approach ahead of a BOJ policy outcome, with the central bank widely expected to end its negative interest rate policy. At noon, the dollar fetched 149.35-3...
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U.S. President Joe Biden will host Japanese Prime Minister Fumio Kishida and Philippine President Ferdinand Marcos Jr. for a trilateral summit on April 11, the White House said Monday. The countries' first three-way summit will take place in Washington a day after Biden's meeting with Kishida, who will attend a state dinner in his honor hosted by the U.S president. White House spokeswoman Karine Jean-Pierre said the three leaders will "advance a trilateral partnership built on deep historical ties of friendship, robust and growing economic relations, a proud and resolute commitment to shared d...
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Tokyo stocks opened lower Tuesday as investors locked in gains after sharp rises the previous day, with many awaiting the outcome later in the day of the Bank of Japan's policy meeting. In the first 15 minutes of trading, the 225-issue Nikkei Stock Average fell 237.52 points, or 0.60 percent, from Monday to 39,502.92. The broader Topix index was down 2.77 points, or 0.10 percent, at 2,719.22. On the top-tier Prime Market, decliners were led by precision instrument, pharmaceutical and marine transportation issues. At 9 a.m., the U.S. dollar fetched 149.14-15 yen compared with 149.09-19 yen in N...
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The Bank of Japan is widely expected to end its negative interest rate policy and overhaul its powerful monetary easing on Tuesday as robust wage growth boosts the likelihood of achieving its long-elusive goal of stable inflation. Financial markets expect the BOJ to raise its policy interest rate, currently set at minus 0.1 percent, at the end of a two-day policy meeting in what would be the first hike in 17 years. Among other policy tools, the BOJ is also seen by analysts as scrapping its yield cap program, under which borrowing costs have been kept artificially low through its buying of gove...
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