POST TIME: 2 September, 2018 00:00 00 AM
Japan central bank chief says no rate hike for ‘long time’

Japan central bank chief says no rate hike for ‘long time’

The Bank of Japan will not raise interest rates “for quite a long time”, its chief said in an interview published yesterday even as its US and European peers tighten monetary policy, reports AFP from Tokyo. Haruhiko Kuroda dismissed speculation that the central bank was planning to adjust its super-loose policy, aimed at keeping long-term interest rates around zero percent and short-term rates at minus 0.1 percent “We don’t intend to raise them for quite a long time,” he told the mass-circulation Yomiuri newspaper.  The BoJ has struggled for years to reach the 2.0 percent inflation rate thought necessary to turbocharge Japan’s economy, and has defended its decision to maintain monetary easing even as other central banks tighten policy.

After its last policy meeting in July, the BoJ said it “intends to maintain the current extremely low levels of short-and long-term interest rates for an extended period of time.”