The Bank of Japan held its short-term policy rate in the range of 0.0% to 0.1% at its April 2024 meeting, choosing to maintain the setting established when the institution exited negative interest rate policy in March.
Board members maintained accommodative financial conditions overall. The Bank of Japan has said it will only raise rates when it has sufficient confidence that inflation and wage growth are sustainably meeting its targets.
YEN FALLS TO MULTI-DECADE LOWS DESPITE HOLD
Despite the BoJ's steady policy stance, the yen fell to levels not seen against the US dollar in several decades during and around the April meeting period.
Japanese authorities, including Ministry of Finance officials, issued verbal warnings about excessive or disorderly currency moves during the period.
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