BoJ loosens yield curve control, raises inflation forecasts

Ueda says Japanese central bank has been underestimating inflationary pressures

The Bank of Japan

The Bank of Japan unexpectedly loosened its yield curve control (YCC) today (July 28), slowing the pace of its monetary easing programme.

“We had been underestimating upward pressure on prices,” BoJ governor Kazuo Ueda told the press conference after the decision. “We haven’t changed the 2024 and 2025 forecasts much, but many board members appear to see risks skewed to the upside.”

The BoJ also raised inflation forecasts for fiscal year 2023. Its nine-member policy board held its short-term

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