TOKYO –
The Bank of Japan kept its policy rate unchanged at around 1.0% on July 31, warning that higher crude oil costs and the weaker yen could push up prices across a broad range of consumer goods.
The central bank decided to maintain its existing monetary policy at the conclusion of a two-day policy meeting.
In its quarterly outlook report released after the meeting, the BOJ said companies were passing higher costs on to customers at a “somewhat faster pace” following the rise in crude oil prices.
The bank said those increases were likely to spread to a wide range of goods at the consumer level.
Regarding foreign exchange movements, the BOJ said higher import prices caused by the yen’s depreciation would act to push up prices across a broad range of products.
Source: TBS
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