The Bank of Japan held rates steady on Tuesday and continued to maintain a wait-and-see approach as it gauges the economic effects of the war in the Middle East.
Its policy board voted to sit tight at a two-day meeting that concluded on the same day, maintaining the policy rate 〞 the uncollateralized overnight call rate 〞 at 0.75%.
Skipping a rate increase was a dovish move on the surface, analysts said, but three members opposing the pause and advocating for an immediate increase in borrowing costs signals the possibility of a hawkish path going forward.
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