The Bank of Japan held off on expanding stimulus on Tuesday despite once again pushing back the timing for hitting its inflation target, signalling that it will keep policy unchanged unless a severe shock threatens to derail a fragile economic recovery.
The BOJ maintained its view that the world’s third-largest economy will expand moderately as exports and consumption emerge from the doldrums.
But it also warned that risks to the outlook were skewed to the downside and that price momentum was weakening, an unusually bleak assessment that underscored its waning conviction of achieving the elusive inflation target.
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