The Bank of Japan faces its first test on Tuesday in keeping up with its increas...
TOKYO - The Bank of Japan faces its first test on Tuesday in keeping up with its increasingly dovish U.S. and European peers, as the growing pain from soft global demand and trade tensions weigh on the country’s modest economic recovery.
The European Central Bank’s decision last week to hold off on immediate policy easing gave the BOJ some breathing space and heightened the chance of no action at its two-day rate review that ends on Tuesday, analysts say. The market consensus is for the BOJ to maintain a pledge to guide short-term interest rates at -0.1% and the 10-year bond yield around 0% via aggressive bond purchases.
However, some in the BOJ worry that seeking to appease markets by tinkering with the wording could backfire and push up the yen, if it is seen as a sign of desperation, sources have told Reuters.
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