Bank of Japan held off announcing any new policy measures at its
first meeting since unveiling a huge stimulus package this month aimed
at stoking the limp economy.
In a brief, two-paragraph statement
the central bank said its widely expected decision to stand pat was
reached by a unanimous vote by its board.
Earlier Friday, data
released showed Japan's core consumer prices, which exclude volatile
prices of fresh food, fell 0.5 per cent on-year in March, highlighting
the tough task ahead for the bank and the government.
This month,
the central bank's new management team - hand picked by Prime Minister
Shinzo Abe - embarked on a new era of huge spending by announcing a
massive stimulus plan to drag the economy out of decades of stagnation.
At
his first meeting as BoJ governor Haruhiko Kuroda, a staunch critic of
the previous BoJ's efforts to kickstart the economy, said he would
double the money supply and vowed no let-up in the fight against
deflation that has hit private spending and corporate investment.
The
also bank pledged to meet a two per cent inflation target within two
years, a key aim of a government. The US dollar sank against the yen in
Asia after the Bank of Japan's announcement.
Source by Commodity Insights
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