ASX hits new record, CBA shares close at record high, Bank of Japan keeps rates on hold — as it happened
ABCThe Bank of Japan has issued this statement: At the Monetary Policy Meeting held today, the Policy Board of the Bank of Japan decided, by unanimous vote, to set the following guideline for money market operations for the intermeeting period: The Bank will encourage the uncollaterised overnight call to remain at around 0.25 per cent. On the price front, the year-on-year rate of increase in the consumer price index has been in the range of 2.5-3.0 percent recently, as services prices have continued to rise moderately, reflecting factors such as wage increases, although the effects of a pass-through to consumer prices of cost increases led by the past rise in import prices have waned. Japan's economy is likely to keep growing at a pace above its potential growth rate, with overseas economies continuing to grow moderately and as a virtuous cycle from income to spending gradually intensifies against the background of factors such as accommodative financial conditions. While the effects of pass-through to consumer prices of cost increases led by the past rise in import prices are expected to wane, the year-on-year rate of increase in CPI is projected to be pushed up through fiscal 2025 by factors such as a dissipation of the effects of the government's measures pushing down CPI inflation. Concerning risks to the outlook, there remain high uncertainties surrounding Japan's economic activity and prices, including developments in overseas economic activity and prices, developments in commodity prices, and domestic firms' wage- and price-setting behaviour.