TOKYO, Sep 19 (XINHUA/APP):The Bank of Japan (BOJ) on Thursday voted to leave its ultra-easy monetary policy unchanged, despite a number of other global central banks cutting rates to underpin their economies amid uncertainties about global stability and growth.
At the conclusion of the central bank’s two-day policy-setting meeting, the BOJ Policy Board opted to keep unchanged the short-term interest rate at minus 0.1 percent and keep its long-term interest rates at close to zero.
The central bank’s board at the conclusion of the meeting also voted to leave unchanged its massive asset purchasing program.
“It is necessary to pay closer attention to the possibility that the momentum toward achieving the price stability target will be lost, as slowdowns in overseas economies have continued to be observed, and their downside risks seem to be increasing,” the BOJ Board said in a statement issued Thursday.
The BOJ’s decision to maintain its easing policy came on the heels of the U.S. Federal Reserve cutting its interest rates for a second time this year overnight, with economists hedging a third cut could be possible by the end of the year, to support the world’s largest economy.
The European Central Bank (ECB), meanwhile, also lowered its rates for the first time in more than three years last week to help bolster the euro zone economy, with the ECB also saying its purchasing of government bonds would be re-implemented.