Bank of Japan keeps ultra-low rates, vows to back economic growth

Bank of Japan keeps ultra-low rates, vows to back economic growth

Yen weakens past 145 per dollar, hitting fresh 24-year-low

By Aysu Bicer

ANKARA (AA) - The Bank of Japan on Thursday kept ultra-low interest rates, vowing to support economic growth in the country.

In line with expectations, the BOJ kept unchanged its -0.1% target for short-term interest rates, and 0% for the 10-year government bond yield during its September meeting.

Following the decision, the Japanese yen weakened past 145 per dollar, hitting a fresh 24-year low.

On Wednesday, the US Federal Reserve delivered its third straight rate hike of 75 basis points on Wednesday and signaled further hikes in the upcoming period.

Japan’s central bank said that it would continue to buy unlimited amounts of bonds to defend an implicit 0.25% cap every market day, as it has been doing since April.

The bank also decided to phase out a pandemic-relief loan scheme, while expanding the liquidity operation targeting a broader range of corporate funding needs.

The annual inflation rate in Japan rose to 3% in August, the highest level since September 2014, largely driven by food and raw materials prices as well as yen weakness.

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