As the Bank of Japan carries its zero-interest rate policy into the second year, there is no sign that the policy the BOJ itself calls abnormal will end anytime soon.
The central bank eased its monetary stance to an unprecedented level one year ago today, lowering the key short-term interest rate effectively to zero.
Thanks in part to the policy, the economy has undoubtedly shown some signs of improvement, but the degree of improvement has not yet compelled the BOJ to end its ultraeasy stance. On Thursday, the bank's policymaking board decided by a majority vote to keep the zero-rate unchanged.
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