The Bank of Japan left its key short-term interest rate unchanged at -0.1% and that for 10-year bond yields around 0% during its January meeting, by an 8-1 vote. For the time being, the Bank said it will closely monitor the impact of the novel coronavirus (COVID19) and will not hesitate to take additional easing measures if necessary and expects short- and long-term policy interest rates to remain at their present or lower levels. In a quarterly outlook report, the central bank adjusted its view of inflation risks for the first time since 2014, raising its inflation forecasts for FY 2022 that begin in April to 1.1% from earlier forecasts of 0.9% made in October, amid soaring costs of energy and raw material. Policymakers noted that risks to the price outlook were evenly balanced, with signs of a rise in inflation broadening. Growth forecasts were mixed with current GDP dropped to 2.8% from 3.4%, the 1-year outlook up 3.8% from 2.9% and the 2-year outlook dropped to 1.1% from 1.3%. Meanwhile, USD/JPY is at 114.94.
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