Bank of Japan keeps policy steady; cuts export, output views
News On Japan via Reuters -- Aug 10
The Bank of Japan kept monetary policy steady on Thursday but cut its assessment on exports and output as companies feel the pinch from slowing global growth, signalling its readiness to expand stimulus again if risks to the outlook grow.
The central bank also maintained its warning that the global economic outlook remained highly uncertain, with improvements in overseas growth seen limited in scope.
"The pick-up in exports has moderated, while production has been relatively weak," the BOJ said in a statement announcing its policy decision. That was a bleaker view than last month, when it said exports and output were picking up.
As widely expected, the central bank kept its key policy rate in a range of zero to 0.1 percent and refrained from topping up the 70 trillion yen ($890 billion) target for its asset buying and loan programme.
Pressure for immediate action has eased with the yen having barely moved after last week's better-than-expected U.S. jobs data, as well as decisions by the Federal Reserve and the European Central Bank to keep policy steady for now.
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