July 31, 2024, 11:23 AM GMT+0000
The Bank of Japan raised its benchmark interest rate and unveiled plans to halve its bond purchases, underscoring its determination to normalize monetary policy. The BOJ raised its benchmark interest rate to about 0.25% from a range of 0 to 0.1%, according to its statement on Wednesday. It also said it would reduce its monthly pace of bond purchases to about ¥3 trillion ($19.9 billion) by the first quarter of 2026. The recent pace of purchases has been about double that amount. Our anchor Kriti Gupta joins Stephen Carroll and Lizzy Burden on Bloomberg Radio to explain what it all means. (Source: Bloomberg)
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