As anticipated, the Bank of Japan has left its key interest rate at 0.1%, and maintained its program of expanding the monetary base at an annual rate of ¥60-70T a year. The BOJ expects the annual rate of core CPI to rise "for the time being," while the bank also maintained its view that the economy will continue recovering moderately. However, the BOJ believes that demand will increase before a rise in sales tax in April and then fall after the hike is implemented.
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