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Full Text of Bank of Japan Statement: 25 Basis Point Rate Hike, Further Adjustments Considered

The Bank of Japan (BOJ) raised its benchmark interest rate by 25 basis points from 0.5% to 0.75% on December 19, marking the first rate hike in 11 months and bringing the rate to its highest level in 30 years. The decision was unanimously approved by the policy board. The central bank will guide the unsecured overnight call rate to around 0.75%. The rate for the complementary deposit facility was set at 0.75%, and the basic loan rate was set at 1.0%. The BOJ stated that the Japanese economy is recovering moderately, though some weaknesses remain. It expressed high confidence that companies will continue to raise wages steadily, sustaining a positive cycle of wage and price increases. Core CPI inflation continues to rise moderately as firms pass on higher labor costs. The BOJ judged that an adjustment to its monetary easing was appropriate to achieve its 2% price stability target sustainably. It noted that financial conditions remain accommodative and will continue to support economic activity. Looking ahead, the BOJ signaled it will continue to adjust the degree of monetary easing and raise policy rates further as economic activity and prices improve, provided the outlook materializes. Key risks to the outlook include the impact of overseas trade policies, domestic corporate wage and price-setting behavior, and developments in financial and foreign exchange markets.

深潮12/19 03:42