The Bank of Japan refrained from adding to unprecedented monetary stimulus and raised its assessment of the economy, referring to a recovery for the first time since before a record 2011 earthquake.
The BOJ stuck with a pledge to expand the monetary base by 60 to 70 trillion yen ($709 billion) per year, in line with the forecasts of all 20 economists surveyed by Bloomberg News, a statement released in Tokyo today showed. The economy is starting to recover moderately, the bank said.
Economic gains increase the odds of Governor Haruhiko Kuroda holding fire for the rest of this year, after a Bloomberg News survey this week showed analysts abandoning predictions for further easing in October. Prime Minister Shinzo Abe’sforecast victory in an upper-house election in 10 days may strengthen his hand for deregulation to sustain a recovery triggered by monetary and fiscal stimulus.
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