The headquarters of the Bank of Japan (BOJ) is seen beyond the cherry blossoms in Tokyo on March 20, 2023.
Kazuhiro Nogi Afp | Getty Images
The Bank of Japan on Thursday held its benchmark interest rate steady at 0.25%.
The decision comes a day after the US Federal Reserve cut rates by 25 basis points, bringing the federal funds rate to 4.25%-4.5%.
I Yen weakened by 0.16% against the dollar after the rate decision, trading at 155.06.
The BOJ said in a statement that the decision to adopt was split 8-1, with board member Naoki Tamura advocating a 25 basis point increase.
The BOJ’s decision was in line with a CNBC poll, which showed that 13 out of 24 economists expect the BOJ to keep its key interest rate unchanged in December before raising the rate at the next meeting in January.
The survey was conducted between Dec. 9-13, before the Fed indicated that there would be a few rate cuts in 2025.
A December 13 note from Citi predicts the BOJ will hike three times by 2025, bringing the rate to 1%.
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