Tokyo, June 15 (Jiji Press)–The Bank of Japan began a two-day policy-setting meeting on Monday, where it is widely expected to raise its policy interest rate from 0.75 pct to 1 pct. The BOJ seems to believe that the risk of accelerating inflation is greater than the risk of an economic slowdown. The central bank has been wary of inflation spurred by surging crude oil prices amid turmoil in the Middle East. However, U.S. President Donald Trump announced Sunday that a deal had been reached with Iran, adding that the de facto blockade of the Strait of Hormuz will be lifted after the agreement is signed in Switzerland on Friday. BOJ Governor Kazuo Ueda is currently hospitalized for treatment of a liver cyst infection and will be absent from the current policy meeting. The remaining eight BOJ Policy Board members will vote to make a policy decision. After the meeting, BOJ Deputy Governor Shinichi Uchida will hold a press conference on Ueda’s behalf. END [Copyright The Jiji Press, Ltd.]
BOJ Begins 2-Day Policy Meeting, Seen Raising Rates
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