Investing.com - The Bank of Japan board Tuesday decided by a unanimous vote to leave the bank''s policy target unchanged as expected at its two-day monthly meeting, maintaining its medium-term recovery scenario as the drag from the April sales tax hike is easing.
"The Bank of Japan will conduct money market operations so that the monetary base will increase at an annual pace of about ¥60 to ¥70 trillion," the BoJ said.
The BoJ will continue to increase its purchases of Japanese government bonds at an annual pace of about Y50 trillion. The average remaining maturity of the bank''s JGB buying will remain about seven years.
The central bank also trimmed its growth forecast to 1.0% for the current financial year ending in March, compared with the previous forecast of a 1.1% expansion.
Please LIKE our Facebook page - it makes us stronger: