The Bank of Japan has kept interest rates on hold, saying that future developments in the Middle East “warrant attention” as the economy contends with volatile capital markets and sharply rising energy prices.
The central bank’s decision to leave the overnight call rate at around 0.75 per cent was widely expected by economists, who had predicted that the eruption of conflict in Iran and the wider Gulf region would cause the BoJ to pause its interest rate normalisation process for at least this month.
The yen, which has been falling steadily against the US dollar since mid-February, remained under pressure on Thursday, settling to a level around ¥159.65 against the dollar shortly after the decision was announced.
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