BoJ drops timeframe for achieving inflation target

Bank of Japan: unable to achieve “virtuous cycle”, where higher wages lead to more spending

The Bank of Japan (BoJ) chose to make no changes to its current ultra-loose policy setting, but no longer set the timeframe for hitting its 2% inflation target, after its two-day monetary policy meeting ended on April 27.

In its quarterly outlook report, released separately, the central bank said inflation has continued to “show relatively weak developments”, despite improvement in the economy and labour market.

“The year-on-year rate of change in the CPI is likely to continue on an uptrend

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