BOJ slows growth, price forecasts; The policy is set by Reuters

Reuters. File photo: June 16, 2017, A man looks at a mobile phone in front of the Bank of Japan building in Tokyo, Japan. REUTERS / Toru Hanai

TOKYO (Reuters) – The Bank of Japan set monetary policy on Thursday and lowered its inflation forecast this year, saying it had no intention of following other central banks to exit crisis-mode policies soon.

The nine-member board also cut its growth forecast for this year but maintained its assessment that the world’s third-largest economy is heading for a moderate recovery.

“Japan’s economy remains in a critical state but is recovering as a trend,” the BOJ said in a quarterly report on economic and price outlook.

“Exports and output are weakening due to the impact of supply constraints, but growth continues as a trend,” it says.

As widely expected, the BOJ has maintained its short-term interest rate target of -0.1% and about 0% for 10-year government bonds.

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