By Tuba Ongun
ANKARA - The Bank of Japan (BoJ) on Wednesday kept its benchmark interest rate unchanged at 0.50% in a unanimous decision, in line with market expectations.
"Japan's economy has recovered moderately, although some weakness has been seen in part," the bank said in a statement.
It said that significant uncertainties remain over economic activity and price trends, citing evolving trade and policy developments in various regions, shifts in global economic conditions and prices, fluctuations in commodity prices, and the wage- and price-setting behaviors of domestic firms.
The decision came ahead of the US Federal Reserve’s interest rate meeting, where the bank is expected to maintain its benchmark rate.
In January, the BoJ raised short-term interest rates from 0.25% to 0.50%, the highest level since 2008, after ending a large-scale stimulus program the previous year.
Following Wednesday’s decision, the yen fell to 149.5 against the dollar, extending its decline for a fourth straight day.