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    29.01.2016 09:48 Bank of Japan cuts its interest rate to -0.1% from 0.1% in January

    The Bank of Japan (BoJ) released its interest rate decision on Friday. The central bank lowered its interest rate to -0.1% from 0.1%, added that it could cut its interest rate further if needed. Analysts did not expect this decision.

     

    Only 5 of 9 board members voted for the interest rate cut.

     

    The BoJ tries to boost inflation toward its 2% target. The central bank expects inflation to reach 2% target in the first half of the fiscal year 2017.

     

    The BoJ lowered its inflation forecasts. Inflation is expected to be 0.8% in the fiscal year 2016, down from the previous estimate of 1.4%.

     

    The central bank upgraded its growth forecast for the fiscal year 2016 to 1.5% from 1.4%.


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