Tokyo, Dec. 12 (Jiji Press)–The Bank of Japan is set to raise its policy interest rate from the current 0.5 pct to 0.75 pct at the next monetary policy meeting, Jiji Press learned Friday. It will be the BOJ’s first rate hike since January. Since then, the bank has held a policy meeting six times. The bank’s policy rate has not exceeded 0.5 pct since September 1995. The expected policy decision at the two-day meeting from Thursday will take the rate to a level unseen in 30 years. The BOJ will resume its monetary policy tightening as companies in Japan are expected to approve further wage increases in next spring’s “shunto” annual labor-management negotiations. END [Copyright The Jiji Press, Ltd.]
EXCLUSIVE: BOJ to Raise Policy Rate at Next Meeting
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