The Bank of Japan stepped up its monetary easing yesterday with a Y10tn ($118bn) increase in the size of its asset-purchasing programme and signalled that it could adopt a higher inflation goal, as requested by Shinzo Abe, the incoming prime minister.
The central bank said it would expand its asset purchasing programme from Y91tn to Y101tn by buying more Treasury discount bills and Japanese government bonds.
Mr Abe turned the BoJ’s role in reviving the Japanese economy – which has dipped into recession – into a central election issue and repeatedly called for it to do more to combat persistent deflation by adopting “unlimited” easing.
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