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BoJ expected to hold rates at July meeting as growth outlook shifts

USD/JPY was little changed near 162.40 after the Kyodo-linked report, while the BoJ was also seen preparing to lift its growth forecast.

Reported · Written up by our desk · Central Banks

FXStreet reports, citing a Kyodo News report, that the Bank of Japan is expected to keep its policy rate unchanged at 1% at its July meeting, according to people familiar with the matter.

The report also indicated the BoJ may raise its growth forecast for the year. It further pointed to a potential need for back-to-back interest rate hikes in the policy outlook.

In trading after the news release, there was no major response in the Japanese yen, with USD/JPY trading almost flat around 162.40 at press time.

The BoJ set monetary policy with an inflation target of around 2%, and it lifted interest rates in March 2024 after a period of ultra-loose policy.

Latest closeUSD/JPY 162.33 ▲0.2%

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