The Bank of Japan kept monetary policy steady on Friday and upgraded its assessment of private consumption and overseas growth, signaling its confidence that an export-driven economic recovery was broadening and gaining momentum.
But Governor Haruhiko Kuroda reassured markets the BOJ will still lag well behind the Federal Reserve in dialing back its massive stimulus programme, with inflation far from reaching the BOJ's 2 percent target.
As widely expected, the BOJ maintained its pledge to guide short-term interest rates at minus 0.1 percent and the 10-year government bond yield around zero under its yield curve control policy. It also left unchanged a loose pledge to keep increasing its bond holdings at an annual pace of $729.33 billion.
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