The Bank of Japan kept its policy interest rate unchanged Thursday, with Gov. Kazuo Ueda citing the situation in the Middle East ¡ª which is fueling economic uncertainty ¡ª as a major reason behind the decision.
The bank decided to make no move at its two-day policy meeting that concluded on the same day, maintaining the rate at 0.75%. The decision to sit tight was widely expected by the market and BOJ watchers.
¡°A new risk scenario tied to rising oil prices has emerged. We decided to maintain the status quo due to the significance of the new risk,¡± Ueda told a news conference after the policy meeting.?
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