Japan central bank maintains policy interest rate at minus 0.1%

Jun 17, 2022 | News On Japan

Jun 17, 2022 (ICIS) - Japan’s central bank decided Friday to maintain its key interest rate at minus 0.1%, defying aggressive hikes by peers in the US and Switzerland, citing some economic weakness stemming from the pandemic and high commodity prices.

To keep the 10-year yields at around zero, the Bank of Japan (BoJ) “will purchase a necessary amount of Japanese government bonds (JGBs) without setting an upper limit”, it said.

Recovery for the world’s third biggest economy is underpinned by waning COVID-19 impact and supply-side constraints, improving external demand, accommodative financial conditions and the government’s economic measures, the central bank said.

A high inflation rate at around 2% is being caused by rising energy and food prices, which may stay for some time “but should decelerate thereafter”, it said.

The central bank’s continued accommodative monetary policy stance, in stark contrast with the US Federal Reserve’s tightening, has been exerting downward pressure on the yen.

The currency tumbled to a 24-year low on 14 June at above yen (Y) 135 to the US dollar, before rebounding to a two-week high of around Y132. At around noon on Friday, the yen was trading at Y134.10.

Toyota to Launch Self-Driving Taxis in 2027

Toyota Motor will begin operating fully autonomous taxis in 2027 through a partnership with U.S. self-driving technology company Waymo, marking a major step in the Japanese automaker's efforts to expand driverless transportation services.

Mount Fuji Puts on First Snowcap

Mount Fuji has received its first snowcap of the season, the Japan Meteorological Agency announced on October 30, after temperatures at the summit plunged to minus 9.4 degrees Celsius, marking the arrival of winter conditions on Japan's highest mountain.

Chinese Female Spy Suspected of Targeting Nvidia Chief

U.S. intelligence agencies suspect that a Chinese female intelligence operative developed a close relationship with Nvidia CEO Jensen Huang in an attempt to obtain confidential corporate and U.S. government information, according to a report published by The New York Times on October 29th.

Japan Blocks Websites Leaking GMO Personal Data

The Japanese government has asked major telecommunications operators to forcibly block access to websites believed to contain personal information stolen in a cyberattack on GMO, it emerged on October 29th, as authorities moved to prevent further exposure of sensitive data online.

Typhoon No. 31 Heads Toward Japan's Remote Islands

Typhoon No. 31 was located near Minamitorishima Island in the Pacific Ocean, as of 3 a.m. on October 30, and was expected to approach the Ogasawara Islands south of Tokyo over the October 31-November 1 weekend while maintaining very strong intensity, bringing a growing risk of dangerously high waves, powerful swells and extremely rough seas.

MEDIA CHANNELS

MORE Business NEWS

Cyberattacks Hit Muji, Matsuya, ANA and Foreign Ministry

A series of cyberattacks has exposed millions of personal records belonging to customers of major Japanese companies, including Muji, Matsuya and All Nippon Airways, as well as individuals connected to the Foreign Ministry, while cybersecurity experts investigating a separate attack involving GMO say a serious mistake by the hackers may provide crucial clues to their identities.

World's Largest Nitori Store Opens in Osaka

Japan's furniture and home goods retailer Nitori opened what it describes as its largest store in the world on October 30th in Osaka's Chayamachi district, bringing a major new retail destination to an area east of Hankyu Osaka-Umeda Station known for its youth culture, fashion boutiques, and specialty shops.

Japan Stocks Plunge 1,369 Points as AI Selloff Hits Tokyo

Japan's Nikkei 225 Stock Average plunged 1,369.36 points, or 2.12%, to close at 63,290.11 at 3:30 p.m. on Friday, October 30, ending a three-day winning streak as a sharp selloff in semiconductor and artificial intelligence-related shares swept through the Tokyo market, while the Bank of Japan's decision to leave interest rates unchanged failed to restore investor confidence.

BOJ Says Underlying Inflation Has Effectively Reached 2% Target for First Time

The Bank of Japan announced on October 30th that underlying inflation has effectively reached its 2% target for the first time since the goal was introduced in 2013, marking a major milestone in the country's efforts to achieve sustained price growth, while keeping its benchmark interest rate unchanged at 1.25% as policymakers assess the impact of last month's rate increase.

Halloween Costume Prices Double in Five Years

Halloween celebrations across Japan are becoming increasingly expensive as October 31 approaches, with costume prices nearly doubling over the past five years and the average spending budget rising to 8,148 yen, prompting more people to find creative ways to enjoy the annual event without stretching their finances.

Hands Shibuya to Close After 48 Years

Hands Shibuya, one of Tokyo's best-known variety stores, will close on November 15 after 48 years in business, bringing an end to a shopping destination famous for its enormous selection of innovative household goods, stationery and unusual gadgets, with around 100,000 products still filling its shelves in the final weeks before closure.

Japan Stocks Rise for Third Day as Nikkei Reclaims 64,000

Tokyo stocks extended their recovery on Thursday, October 29, with the Nikkei 225 closing at 64,659.47 points at 3:30 p.m., up 705.28 points, or 1.10%, from the previous session, as renewed buying of semiconductor and artificial intelligence-related shares helped the benchmark record its third consecutive daily gain ahead of the Bank of Japan's monetary policy decision.

GMO Offers 150 Million Yen Reward to Identify Cyberattackers

GMO has announced a reward totaling approximately 150 million yen for information leading to the identification of hackers responsible for a cyberattack on its systems, while also pledging compensation to customers whose personal information has been exposed, as Japan faces a growing wave of cyberattacks targeting major companies.

< 2 3 4 5 >