The Bank of Japan held its benchmark interest rate steady and raised its inflation outlook more than expected in a sign it may be closer to a rate hike, while continuing to warn that it's still assessing the impact of President Donald Trump's tariffs.
The BOJ kept the overnight call rate at 0.5% at the end of a two-day policy meeting in a unanimous vote, according to a statement Thursday. All 56 surveyed economists forecast the decision.
The nine-member board boosted its median inflation projection for the current fiscal year in its quarterly economic outlook report to 2.7% from 2.2%, reflecting persistent increases in food prices. It also slightly raised its forecasts for fiscal year 2026 and 2027, while bringing up its economic growth view a tad for this year. Economists had expected a shift to 2.5% for the current year's inflation forecast.
The yen extended gains against the dollar immediately after the decision.
Source: Bloomberg
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